BCPC vs SPY: Correlation
Measured on weekly returns over the past three years, Balchem Corporation (BCPC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCPC and SPY?
On 3 years of weekly data the BCPC/SPY correlation comes out at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.10 versus 0.36 over 3 years. The 5-year figure is 0.51, and annualized covariance runs at 119.3 %².
Out of 14 assets tracked against BCPC, SPY lands near the bottom at #10. On 12-month performance SPY holds a 11.0-point edge, +9.6% against +20.6%. One caveat on sizing: BCPC is 1.6 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.
BCPC vs SPY: side by side
| BCPC (Balchem Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.6% | +20.6% |
| 5-year return | +31.0% | +82.4% |
| Volatility (ann.) | 22.7% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -23.1% | -18.8% |
| Market cap | $5.7B | – |
| P/E (trailing) | 35.4 | – |
| Dividend yield | 0.53% | 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 | BCPC | SPY |
|---|---|---|
| 2022 | -27.1% | -18.2% |
| 2023 | +22.5% | +26.2% |
| 2024 | +10.2% | +24.9% |
| 2025 | -5.3% | +17.7% |
| 2026 | +16.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCPC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BCPC and SPY?
As of 2026-08-27, the correlation of weekly returns between BCPC and SPY is 0.36 over 3 years, 0.10 over 1 year and 0.51 over 5 years.
Is SPY a good diversifier for BCPC?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 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: BCPC correlations · SPY correlations
