BGB vs SPY: Correlation
Measured on weekly returns over the past three years, Blackstone Strategic Credit 2027 Term Fund (BGB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGB and SPY?
Across a 3-year window, the weekly returns of BGB and SPY correlate at 0.63, strong. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 84.4 %².
Among the 14 assets we track against BGB, SPY ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 23.7 points (-3.1% versus +20.6%). Risk is not evenly split, since SPY carries 1.6 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.
BGB vs SPY: side by side
| BGB (Blackstone Strategic Credit 2027 Term Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.1% | +20.6% |
| 5-year return | +23.0% | +82.4% |
| Volatility (ann.) | 9.3% | 14.5% |
| Beta vs S&P 500 | 0.40 | 1.00 |
| Max drawdown (3Y) | -12.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 16.7 | – |
| 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 | BGB | SPY |
|---|---|---|
| 2022 | -16.1% | -18.2% |
| 2023 | +19.5% | +26.2% |
| 2024 | +18.7% | +24.9% |
| 2025 | +4.8% | +17.7% |
| 2026 | -0.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGB and SPY good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BGB and SPY?
As of 2026-08-27, the correlation of weekly returns between BGB and SPY is 0.63 over 3 years, 0.55 over 1 year and 0.58 over 5 years.
Is SPY a good diversifier for BGB?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 mean?
On the −1 to +1 scale, 0.63 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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Hubs: BGB correlations · SPY correlations
