BBVA vs SPY: Correlation
Measured on weekly returns over the past three years, Banco Bilbao Vizcaya Argentaria S.A. (BBVA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBVA and SPY?
On 3 years of weekly data the BBVA/SPY correlation comes out at 0.43, moderate. The link has tightened recently: the 1-year correlation (0.57) runs above the 3-year figure (0.43). The 5-year figure is 0.49, and annualized covariance runs at 184.3 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against BBVA. Their recent paths diverged sharply: over the last 12 months BBVA outperformed by 47.2 percentage points (+67.8% for BBVA against +20.6% for SPY). One caveat on sizing: BBVA is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BBVA vs SPY: side by side
| BBVA (Banco Bilbao Vizcaya Argentaria S.A.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +67.8% | +20.6% |
| 5-year return | +503.8% | +82.4% |
| Volatility (ann.) | 29.9% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -22.1% | -18.8% |
| Market cap | $158.3B | – |
| P/E (trailing) | 13.2 | – |
| Dividend yield | 2.07% | 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 | BBVA | SPY |
|---|---|---|
| 2022 | +10.1% | -18.2% |
| 2023 | +62.5% | +26.2% |
| 2024 | +14.2% | +24.9% |
| 2025 | +154.0% | +17.7% |
| 2026 | +26.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBVA and SPY good diversifiers for each other?
Reasonably. At 0.43, BBVA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BBVA and SPY?
As of 2026-08-27, the correlation of weekly returns between BBVA and SPY is 0.43 over 3 years, 0.57 over 1 year and 0.49 over 5 years.
Is SPY a good diversifier for BBVA?
Reasonably. At 0.43, BBVA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Hubs: BBVA correlations · SPY correlations
