BCH vs SPY: Correlation
Measured on weekly returns over the past three years, Banco De Chile (BCH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCH and SPY?
Across a 3-year window, the weekly returns of BCH and SPY correlate at 0.37, moderate. Recent behaviour matches the longer record: 0.36 over 1 year against 0.37 over 3. Stretching to 5 years gives 0.20, with an annualized covariance of 132.0 %².
By 3-year correlation, SPY places #10 of the 15 assets tracked against BCH. Correlation aside, the last 12 months split them widely, with BCH ahead by 34.8 points (+55.4% versus +20.6%). Risk is not evenly split, since BCH carries 1.7 times the volatility of the other side.
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.
BCH vs SPY: side by side
| BCH (Banco De Chile) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +55.4% | +20.6% |
| 5-year return | +219.8% | +82.4% |
| Volatility (ann.) | 24.6% | 14.5% |
| Beta vs S&P 500 | 0.63 | 1.00 |
| Max drawdown (3Y) | -20.0% | -18.8% |
| Market cap | $21.0B | – |
| P/E (trailing) | 15.8 | – |
| 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 | BCH | SPY |
|---|---|---|
| 2022 | +41.2% | -18.2% |
| 2023 | +23.4% | +26.2% |
| 2024 | +6.1% | +24.9% |
| 2025 | +81.2% | +17.7% |
| 2026 | +16.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCH and SPY good diversifiers for each other?
Reasonably. At 0.37, BCH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BCH and SPY?
The BCH/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.36, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BCH?
Reasonably. At 0.37, BCH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 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: BCH correlations · SPY correlations
