BCG vs SPY: Correlation
Measured on weekly returns over the past three years, Binah Capital Group, Inc. (BCG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCG and SPY?
Over the past 3 years, BCG and SPY moved with a correlation of 0.06, which is near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.11) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 100.9 %².
By 3-year correlation, SPY places #7 of the 16 assets tracked against BCG. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 46.6 percentage points (-26.0% for BCG against +20.6% for SPY). Note the risk asymmetry: BCG runs 8.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BCG vs SPY: side by side
| BCG (Binah Capital Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -26.0% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 116.2% | 14.5% |
| Beta vs S&P 500 | 0.48 | 1.00 |
| Max drawdown (3Y) | -89.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 14.5 | – |
| 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 | BCG | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -2.0% | +17.7% |
| 2026 | -49.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCG and SPY good diversifiers for each other?
Yes. With a correlation of 0.06, BCG and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BCG and SPY?
The BCG/SPY correlation stands at 0.06 on a 3-year window (1 year: 0.11, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BCG?
Yes. With a correlation of 0.06, BCG and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.06 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.
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