BDJ vs SPY: Correlation
Measured on weekly returns over the past three years, Blackrock Enhanced Equity Dividend Trust (BDJ) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDJ and SPY?
Across a 3-year window, the weekly returns of BDJ and SPY correlate at 0.69, strong. Recent behaviour matches the longer record: 0.66 over 1 year against 0.69 over 3. Stretching to 5 years gives 0.73, with an annualized covariance of 151.0 %².
Within BDJ's tracked universe of 16 assets, SPY comes in at #6 by 3-year correlation. Their 12-month results are close: +19.0% for BDJ 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.
BDJ vs SPY: side by side
| BDJ (Blackrock Enhanced Equity Dividend Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.0% | +20.6% |
| 5-year return | +53.5% | +82.4% |
| Volatility (ann.) | 15.1% | 14.5% |
| Beta vs S&P 500 | 0.72 | 1.00 |
| Max drawdown (3Y) | -14.4% | -18.8% |
| Market cap | $1.7B | – |
| P/E (trailing) | 6.2 | – |
| Dividend yield | 7.57% | 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 | BDJ | SPY |
|---|---|---|
| 2022 | -1.7% | -18.2% |
| 2023 | -6.7% | +26.2% |
| 2024 | +16.8% | +24.9% |
| 2025 | +26.1% | +17.7% |
| 2026 | +8.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDJ and SPY good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BDJ and SPY?
As of 2026-08-27, the correlation of weekly returns between BDJ and SPY is 0.69 over 3 years, 0.66 over 1 year and 0.73 over 5 years.
Is SPY a good diversifier for BDJ?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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: BDJ correlations · SPY correlations
