BCAB vs SPY: Correlation
BioAtla, Inc. (BCAB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCAB and SPY?
Over the past 3 years, BCAB and SPY moved with a correlation of 0.33, which is moderate. The link has loosened recently: the 1-year correlation (0.03) runs below the 3-year figure (0.33). Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 574.4 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against BCAB. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 106.6 percentage points (-86.0% for BCAB against +20.6% for SPY). One caveat on sizing: BCAB is 8.2 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.
BCAB vs SPY: side by side
| BCAB (BioAtla, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -86.0% | +20.6% |
| 5-year return | -99.8% | +82.4% |
| Volatility (ann.) | 119.3% | 14.5% |
| Beta vs S&P 500 | 2.75 | 1.00 |
| Max drawdown (3Y) | -98.4% | -18.8% |
| Market cap | – | – |
| 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 | BCAB | SPY |
|---|---|---|
| 2022 | -58.0% | -18.2% |
| 2023 | -70.2% | +26.2% |
| 2024 | -76.0% | +24.9% |
| 2025 | -3.9% | +17.7% |
| 2026 | -88.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCAB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BCAB and SPY?
The BCAB/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.03, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BCAB?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 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/bcab-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bcab-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BCAB correlations · SPY correlations
