BCS vs SPY: Correlation
Measured on weekly returns over the past three years, Barclays PLC (BCS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCS and SPY?
On 3 years of weekly data the BCS/SPY correlation comes out at 0.59, moderate. Little has changed lately, as the 1-year reading of 0.61 lands near the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 264.4 %².
By 3-year correlation, SPY places #6 of the 15 assets tracked against BCS. Correlation aside, the last 12 months split them widely, with BCS ahead by 16.0 points (+36.6% versus +20.6%). Risk is not evenly split, since BCS carries 2.1 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.
BCS vs SPY: side by side
| BCS (Barclays PLC) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +36.6% | +20.6% |
| 5-year return | +214.7% | +82.4% |
| Volatility (ann.) | 30.9% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -26.2% | -18.8% |
| Market cap | $90.3B | – |
| P/E (trailing) | 10.3 | – |
| Dividend yield | 0.42% | 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 | BCS | SPY |
|---|---|---|
| 2022 | -21.9% | -18.2% |
| 2023 | +6.0% | +26.2% |
| 2024 | +76.3% | +24.9% |
| 2025 | +96.5% | +17.7% |
| 2026 | +8.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCS and SPY good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BCS and SPY?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.61 over the last year and 0.57 over 5 years.
Is SPY a good diversifier for BCS?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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.
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Related comparisons
Hubs: BCS correlations · SPY correlations
