BGH vs SPY: Correlation
Measured on weekly returns over the past three years, Barings Global Short Duration High Yield Fund (BGH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGH and SPY?
Over the past 3 years, BGH and SPY moved with a correlation of 0.60, which is strong. Recent behaviour matches the longer record: 0.55 over 1 year against 0.60 over 3. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 113.7 %².
Within BGH's tracked universe of 13 assets, SPY comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 23.4 points (-2.8% versus +20.6%).
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.
BGH vs SPY: side by side
| BGH (Barings Global Short Duration High Yield Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.8% | +20.6% |
| 5-year return | +37.9% | +82.4% |
| Volatility (ann.) | 13.2% | 14.5% |
| Beta vs S&P 500 | 0.54 | 1.00 |
| Max drawdown (3Y) | -16.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 14.2 | – |
| 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 | BGH | SPY |
|---|---|---|
| 2022 | -19.9% | -18.2% |
| 2023 | +18.2% | +26.2% |
| 2024 | +27.3% | +24.9% |
| 2025 | +8.5% | +17.7% |
| 2026 | +1.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGH and SPY good diversifiers for each other?
Only partially. A correlation of 0.60 means BGH and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BGH and SPY?
The BGH/SPY correlation stands at 0.60 on a 3-year window (1 year: 0.55, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BGH?
Only partially. A correlation of 0.60 means BGH and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 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.
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