BGC vs SPY: Correlation
BGC Group, Inc. (BGC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGC and SPY?
Across a 3-year window, the weekly returns of BGC and SPY correlate at 0.38, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.16 versus 0.38 over 3 years. Stretching to 5 years gives 0.41, with an annualized covariance of 187.2 %².
Among the 10 assets we track against BGC, SPY sits near the bottom by co-movement, at rank #6. Neither side won the trailing year by much: +21.5% against +20.6%. One caveat on sizing: BGC is 2.3 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.
BGC vs SPY: side by side
| BGC (BGC Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.5% | +20.6% |
| 5-year return | +146.1% | +82.4% |
| Volatility (ann.) | 34.0% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -34.5% | -18.8% |
| Market cap | $5.8B | – |
| P/E (trailing) | 29.5 | – |
| Dividend yield | 0.67% | 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 | BGC | SPY |
|---|---|---|
| 2022 | -18.1% | -18.2% |
| 2023 | +93.0% | +26.2% |
| 2024 | +26.5% | +24.9% |
| 2025 | -0.6% | +17.7% |
| 2026 | +36.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGC and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BGC and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.16 over the last year and 0.41 over 5 years.
Is SPY a good diversifier for BGC?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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: BGC correlations · SPY correlations
