BCAT vs SPY: Correlation
BlackRock Capital Allocation Term Trust (BCAT) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCAT and SPY?
On 3 years of weekly data the BCAT/SPY correlation comes out at 0.66, strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. The 5-year figure is 0.72, and annualized covariance runs at 124.4 %².
Among the 11 assets we track against BCAT, SPY ranks #6 by 3-year correlation. On 12-month performance BCAT holds a 11.6-point edge, +32.2% against +20.6%.
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.
BCAT vs SPY: side by side
| BCAT (BlackRock Capital Allocation Term Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.2% | +20.6% |
| 5-year return | +49.6% | +82.4% |
| Volatility (ann.) | 13.1% | 14.5% |
| Beta vs S&P 500 | 0.60 | 1.00 |
| Max drawdown (3Y) | -13.7% | -18.8% |
| Market cap | $1.7B | – |
| P/E (trailing) | 7.5 | – |
| 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 | BCAT | SPY |
|---|---|---|
| 2022 | -22.6% | -18.2% |
| 2023 | +19.3% | +26.2% |
| 2024 | +19.4% | +24.9% |
| 2025 | +16.8% | +17.7% |
| 2026 | +28.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCAT and SPY good diversifiers for each other?
Only partially. A correlation of 0.66 means BCAT and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BCAT and SPY?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.63 over the last year and 0.72 over 5 years.
Is SPY a good diversifier for BCAT?
Only partially. A correlation of 0.66 means BCAT and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 mean?
A reading of 0.66 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: BCAT correlations · SPY correlations
