BCV vs SPY: Correlation
Measured on weekly returns over the past three years, Bancroft Fund, Ltd. (BCV) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCV and SPY?
Across a 3-year window, the weekly returns of BCV and SPY correlate at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. Stretching to 5 years gives 0.67, with an annualized covariance of 142.9 %².
Within BCV's tracked universe of 20 assets, SPY comes in at #7 by 3-year correlation. The trailing year gives BCV the advantage: +28.3% versus +20.6%, a 7.7-point spread.
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.
BCV vs SPY: side by side
| BCV (Bancroft Fund, Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +28.3% | +20.6% |
| 5-year return | +22.7% | +82.4% |
| Volatility (ann.) | 17.6% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -14.6% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 3.7 | – |
| Dividend yield | 5.42% | 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 | BCV | SPY |
|---|---|---|
| 2022 | -33.7% | -18.2% |
| 2023 | +5.6% | +26.2% |
| 2024 | +19.8% | +24.9% |
| 2025 | +33.4% | +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 BCV and SPY good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BCV and SPY?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.53 over the last year and 0.67 over 5 years.
Is SPY a good diversifier for BCV?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bcv-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bcv-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BCV correlations · SPY correlations
