BCAL vs SPY: Correlation
Measured on weekly returns over the past three years, California BanCorp (BCAL) 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 BCAL and SPY?
Across a 3-year window, the weekly returns of BCAL and SPY correlate at 0.45, moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.45). Stretching to 5 years gives 0.29, with an annualized covariance of 171.7 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against BCAL. Over the last 12 months BCAL came out ahead by 7.4 percentage points (+28.0% against +20.6%). One caveat on sizing: BCAL is 1.8 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.
BCAL vs SPY: side by side
| BCAL (California BanCorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +28.0% | +20.6% |
| 5-year return | +52.2% | +82.4% |
| Volatility (ann.) | 26.5% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -32.3% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 1.40% | 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 | BCAL | SPY |
|---|---|---|
| 2022 | +12.3% | -18.2% |
| 2023 | +3.1% | +26.2% |
| 2024 | -4.7% | +24.9% |
| 2025 | +13.5% | +17.7% |
| 2026 | +15.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCAL and SPY good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BCAL and SPY?
The BCAL/SPY correlation stands at 0.45 on a 3-year window (1 year: 0.23, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BCAL?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bcal-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bcal-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BCAL correlations · SPY correlations
