BCSF vs SPY: Correlation
Bain Capital Specialty Finance, Inc. (BCSF) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCSF and SPY?
On 3 years of weekly data the BCSF/SPY correlation comes out at 0.46, moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.46 over 3. The 5-year figure is 0.52, and annualized covariance runs at 126.4 %².
By 3-year correlation, SPY places #9 of the 15 assets tracked against BCSF. The last year tells two different stories: SPY led by 32.6 percentage points, -12.0% for BCSF against +20.6% for SPY.
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.
BCSF vs SPY: side by side
| BCSF (Bain Capital Specialty Finance, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -12.0% | +20.6% |
| 5-year return | +39.1% | +82.4% |
| Volatility (ann.) | 18.9% | 14.5% |
| Beta vs S&P 500 | 0.60 | 1.00 |
| Max drawdown (3Y) | -26.4% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 12.0 | – |
| Dividend yield | 14.12% | 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 | BCSF | SPY |
|---|---|---|
| 2022 | -13.3% | -18.2% |
| 2023 | +42.0% | +26.2% |
| 2024 | +29.5% | +24.9% |
| 2025 | -9.6% | +17.7% |
| 2026 | -8.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCSF and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BCSF and SPY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.52 over the last year and 0.52 over 5 years.
Is SPY a good diversifier for BCSF?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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: BCSF correlations · SPY correlations
