BBN vs SPY: Correlation
How closely do BlackRock Taxable Municipal Bond Trust (BBN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBN and SPY?
Over the past 3 years, BBN and SPY moved with a correlation of 0.30, which is moderate. Recent behaviour matches the longer record: 0.34 over 1 year against 0.30 over 3. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 53.3 %².
Out of 18 assets tracked against BBN, SPY lands near the bottom at #14. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 16.2 percentage points (+4.4% for BBN against +20.6% for SPY).
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.
BBN vs SPY: side by side
| BBN (BlackRock Taxable Municipal Bond Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.4% | +20.6% |
| 5-year return | -14.4% | +82.4% |
| Volatility (ann.) | 12.3% | 14.5% |
| Beta vs S&P 500 | 0.26 | 1.00 |
| Max drawdown (3Y) | -11.8% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 12.5 | – |
| 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 | BBN | SPY |
|---|---|---|
| 2022 | -31.0% | -18.2% |
| 2023 | +3.6% | +26.2% |
| 2024 | +6.0% | +24.9% |
| 2025 | +8.6% | +17.7% |
| 2026 | +2.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBN and SPY good diversifiers for each other?
Reasonably. At 0.30, BBN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BBN and SPY?
As of 2026-08-27, the correlation of weekly returns between BBN and SPY is 0.30 over 3 years, 0.34 over 1 year and 0.32 over 5 years.
Is SPY a good diversifier for BBN?
Reasonably. At 0.30, BBN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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: BBN correlations · SPY correlations
