BBDC vs SPY: Correlation
Measured on weekly returns over the past three years, Barings BDC, Inc. (BBDC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBDC and SPY?
On 3 years of weekly data the BBDC/SPY correlation comes out at 0.45, moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. The 5-year figure is 0.51, and annualized covariance runs at 125.9 %².
Out of 12 assets tracked against BBDC, SPY lands near the bottom at #8. The trailing year gives SPY the advantage: +7.8% versus +20.6%, a 12.8-point spread.
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.
BBDC vs SPY: side by side
| BBDC (Barings BDC, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.8% | +20.6% |
| 5-year return | +50.4% | +82.4% |
| Volatility (ann.) | 19.5% | 14.5% |
| Beta vs S&P 500 | 0.60 | 1.00 |
| Max drawdown (3Y) | -24.5% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 11.4 | – |
| Dividend yield | 11.12% | 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 | BBDC | SPY |
|---|---|---|
| 2022 | -18.6% | -18.2% |
| 2023 | +18.5% | +26.2% |
| 2024 | +23.9% | +24.9% |
| 2025 | +8.8% | +17.7% |
| 2026 | +8.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBDC and SPY good diversifiers for each other?
Reasonably. At 0.45, BBDC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BBDC and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.47 over the last year and 0.51 over 5 years.
Is SPY a good diversifier for BBDC?
Reasonably. At 0.45, BBDC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bbdc-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bbdc-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BBDC correlations · SPY correlations
