BDJ vs SPYV: Correlation
How closely do Blackrock Enhanced Equity Dividend Trust (BDJ) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDJ and SPYV?
On 3 years of weekly data the BDJ/SPYV correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.83 lands near the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 146.8 %².
Among the 16 assets we track against BDJ, SPYV ranks #5 by 3-year correlation. Twelve-month performance is nearly a tie, at +19.0% for BDJ and +18.5% for SPYV.
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 SPYV: side by side
| BDJ (Blackrock Enhanced Equity Dividend Trust) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +19.0% | +18.5% |
| 5-year return | +53.5% | +73.5% |
| Volatility (ann.) | 15.1% | 12.1% |
| Beta vs S&P 500 | 0.72 | 0.70 |
| Max drawdown (3Y) | -14.4% | -17.5% |
| Market cap | $1.7B | – |
| P/E (trailing) | 6.2 | – |
| Dividend yield | 7.57% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | US Listed | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | BDJ | SPYV |
|---|---|---|
| 2022 | -1.7% | -5.3% |
| 2023 | -6.7% | +22.2% |
| 2024 | +16.8% | +12.2% |
| 2025 | +26.1% | +13.2% |
| 2026 | +8.9% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDJ and SPYV good diversifiers for each other?
No. With a correlation of 0.80, BDJ and SPYV move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between BDJ and SPYV?
As of 2026-08-27, the correlation of weekly returns between BDJ and SPYV is 0.80 over 3 years, 0.83 over 1 year and 0.81 over 5 years.
Is SPYV a good diversifier for BDJ?
No. With a correlation of 0.80, BDJ and SPYV move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.80 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.
Use this data
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[](https://www.pairbook.io/pair/bdj-vs-spyv/)
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Related comparisons
Hubs: BDJ correlations · SPYV correlations
