BATL vs SPY: Correlation
How closely do Battalion Oil Corporation (BATL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.01, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BATL and SPY?
Across a 3-year window, the weekly returns of BATL and SPY correlate at -0.01, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.15) than the 3-year average (-0.01). Stretching to 5 years gives 0.02, with an annualized covariance of -40.5 %².
By 3-year correlation, SPY places #14 of the 44 assets tracked against BATL. Over the last 12 months SPY came out ahead by 7.9 percentage points (+12.7% against +20.6%). Note the risk asymmetry: BATL runs 17.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BATL vs SPY: side by side
| BATL (Battalion Oil Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.7% | +20.6% |
| 5-year return | -87.1% | +82.4% |
| Volatility (ann.) | 252.0% | 14.5% |
| Beta vs S&P 500 | -0.19 | 1.00 |
| Max drawdown (3Y) | -95.8% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | BATL | SPY |
|---|---|---|
| 2022 | -0.9% | -18.2% |
| 2023 | -1.0% | +26.2% |
| 2024 | -82.1% | +24.9% |
| 2025 | -34.3% | +17.7% |
| 2026 | +17.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATL and SPY good diversifiers for each other?
Yes. With a correlation of -0.01, BATL and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BATL and SPY?
The BATL/SPY correlation stands at -0.01 on a 3-year window (1 year: -0.15, 5 years: 0.02), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BATL?
Yes. With a correlation of -0.01, BATL and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.01 mean?
A reading of -0.01 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BATL correlations · SPY correlations
