BENF vs SPY: Correlation
Measured on weekly returns over the past three years, Beneficient (BENF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.10, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BENF and SPY?
Across a 3-year window, the weekly returns of BENF and SPY correlate at 0.10, weak. The relationship has been stable: the 1-year correlation (0.20) sits close to the 3-year figure. Stretching to 5 years gives 0.07, with an annualized covariance of 260.4 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against BENF. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 43.5 percentage points (-22.9% for BENF against +20.6% for SPY). Risk is not evenly split, since BENF carries 12.2 times the volatility of the other side.
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.
BENF vs SPY: side by side
| BENF (Beneficient) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -22.9% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 176.6% | 14.5% |
| Beta vs S&P 500 | 1.25 | 1.00 |
| Max drawdown (3Y) | -99.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | BENF | SPY |
|---|---|---|
| 2022 | +3.7% | -18.2% |
| 2023 | -95.3% | +26.2% |
| 2024 | -98.1% | +24.9% |
| 2025 | +18.0% | +17.7% |
| 2026 | -69.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BENF and SPY good diversifiers for each other?
Yes. With a correlation of 0.10, BENF and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BENF and SPY?
The BENF/SPY correlation stands at 0.10 on a 3-year window (1 year: 0.20, 5 years: 0.07), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BENF?
Yes. With a correlation of 0.10, BENF and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.10 mean?
A reading of 0.10 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: BENF correlations · SPY correlations
