BGT vs SPY: Correlation
Measured on weekly returns over the past three years, BlackRock Floating Rate Income Trust (BGT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGT and SPY?
On 3 years of weekly data the BGT/SPY correlation comes out at 0.54, moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 97.0 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against BGT. The last year tells two different stories: SPY led by 19.8 percentage points, +0.8% for BGT against +20.6% for SPY.
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.
BGT vs SPY: side by side
| BGT (BlackRock Floating Rate Income Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.8% | +20.6% |
| 5-year return | +41.9% | +82.4% |
| Volatility (ann.) | 12.4% | 14.5% |
| Beta vs S&P 500 | 0.46 | 1.00 |
| Max drawdown (3Y) | -15.9% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 15.6 | – |
| Dividend yield | 13.12% | 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 | BGT | SPY |
|---|---|---|
| 2022 | -16.6% | -18.2% |
| 2023 | +26.3% | +26.2% |
| 2024 | +16.1% | +24.9% |
| 2025 | -0.9% | +17.7% |
| 2026 | +6.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGT and SPY good diversifiers for each other?
Only partially. A correlation of 0.54 means BGT 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 BGT and SPY?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.50 over the last year and 0.53 over 5 years.
Is SPY a good diversifier for BGT?
Only partially. A correlation of 0.54 means BGT 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 0.54 mean?
On the −1 to +1 scale, 0.54 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: BGT correlations · SPY correlations
