BCC vs SPY: Correlation
How closely do Boise Cascade, L.L.C. (BCC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCC and SPY?
Over the past 3 years, BCC and SPY moved with a correlation of 0.39, which is moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.39). Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 205.9 %².
Among the 24 assets we track against BCC, SPY ranks #19 by 3-year correlation. The last year tells two different stories: SPY led by 30.1 percentage points, -9.5% for BCC against +20.6% for SPY. One caveat on sizing: BCC is 2.5 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.
BCC vs SPY: side by side
| BCC (Boise Cascade, L.L.C.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -9.5% | +20.6% |
| 5-year return | +71.4% | +82.4% |
| Volatility (ann.) | 36.4% | 14.5% |
| Beta vs S&P 500 | 0.99 | 1.00 |
| Max drawdown (3Y) | -56.5% | -18.8% |
| Market cap | $2.7B | – |
| P/E (trailing) | 27.1 | – |
| Dividend yield | 1.10% | 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 | BCC | SPY |
|---|---|---|
| 2022 | +1.5% | -18.2% |
| 2023 | +106.6% | +26.2% |
| 2024 | -4.0% | +24.9% |
| 2025 | -37.5% | +17.7% |
| 2026 | +7.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCC and SPY good diversifiers for each other?
Reasonably. At 0.39, BCC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BCC and SPY?
The BCC/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.17, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BCC?
Reasonably. At 0.39, BCC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bcc-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bcc-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BCC correlations · SPY correlations
