BDC vs SPY: Correlation
Measured on weekly returns over the past three years, Belden Inc (BDC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDC and SPY?
Across a 3-year window, the weekly returns of BDC and SPY correlate at 0.43, moderate. The past 12 months show a weaker link (0.30) than the 3-year average (0.43). Stretching to 5 years gives 0.49, with an annualized covariance of 243.5 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against BDC. The last year tells two different stories: SPY led by 30.2 percentage points, -9.6% for BDC against +20.6% for SPY. One caveat on sizing: BDC is 2.7 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.
BDC vs SPY: side by side
| BDC (Belden Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -9.6% | +20.6% |
| 5-year return | +113.6% | +82.4% |
| Volatility (ann.) | 39.2% | 14.5% |
| Beta vs S&P 500 | 1.17 | 1.00 |
| Max drawdown (3Y) | -35.8% | -18.8% |
| Market cap | $4.7B | – |
| P/E (trailing) | 19.5 | – |
| Dividend yield | 0.17% | 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 | BDC | SPY |
|---|---|---|
| 2022 | +9.7% | -18.2% |
| 2023 | +7.7% | +26.2% |
| 2024 | +46.1% | +24.9% |
| 2025 | +3.7% | +17.7% |
| 2026 | +3.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDC and SPY good diversifiers for each other?
Reasonably. At 0.43, BDC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BDC and SPY?
As of 2026-08-27, the correlation of weekly returns between BDC and SPY is 0.43 over 3 years, 0.30 over 1 year and 0.49 over 5 years.
Is SPY a good diversifier for BDC?
Reasonably. At 0.43, BDC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: BDC correlations · SPY correlations
