BGR vs SPY: Correlation
Measured on weekly returns over the past three years, BlackRock Energy and Resources Trust (BGR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGR and SPY?
On 3 years of weekly data the BGR/SPY correlation comes out at 0.15, weak. Lately the two have drifted apart, with the 1-year correlation at -0.33 versus 0.15 over 3 years. The 5-year figure is 0.30, and annualized covariance runs at 43.8 %².
SPY is close to the least connected end of BGR's tracked universe, ranking #15 of 19. Over the last 12 months BGR came out ahead by 14.7 percentage points (+35.3% against +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.
BGR vs SPY: side by side
| BGR (BlackRock Energy and Resources Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.3% | +20.6% |
| 5-year return | +165.0% | +82.4% |
| Volatility (ann.) | 19.7% | 14.5% |
| Beta vs S&P 500 | 0.21 | 1.00 |
| Max drawdown (3Y) | -18.3% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 10.8 | – |
| Dividend yield | 6.86% | 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 | BGR | SPY |
|---|---|---|
| 2022 | +38.9% | -18.2% |
| 2023 | +5.8% | +26.2% |
| 2024 | +8.1% | +24.9% |
| 2025 | +17.3% | +17.7% |
| 2026 | +30.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGR and SPY good diversifiers for each other?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BGR and SPY?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with -0.33 over the last year and 0.30 over 5 years.
Is SPY a good diversifier for BGR?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.15 mean?
A reading of 0.15 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: BGR correlations · SPY correlations
