BGX vs SPY: Correlation
How closely do Blackstone Long Short Credit Income Fund (BGX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGX and SPY?
Across a 3-year window, the weekly returns of BGX and SPY correlate at 0.57, moderate. Recent behaviour matches the longer record: 0.53 over 1 year against 0.57 over 3. Stretching to 5 years gives 0.59, with an annualized covariance of 81.5 %².
Within BGX's tracked universe of 14 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 27.2 percentage points (-6.6% for BGX 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.
BGX vs SPY: side by side
| BGX (Blackstone Long Short Credit Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -6.6% | +20.6% |
| 5-year return | +15.1% | +82.4% |
| Volatility (ann.) | 10.0% | 14.5% |
| Beta vs S&P 500 | 0.39 | 1.00 |
| Max drawdown (3Y) | -14.1% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 15.3 | – |
| 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 | BGX | SPY |
|---|---|---|
| 2022 | -20.6% | -18.2% |
| 2023 | +18.9% | +26.2% |
| 2024 | +19.8% | +24.9% |
| 2025 | +2.1% | +17.7% |
| 2026 | -3.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGX and SPY good diversifiers for each other?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BGX and SPY?
The BGX/SPY correlation stands at 0.57 on a 3-year window (1 year: 0.53, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BGX?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.57 mean?
A reading of 0.57 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: BGX correlations · SPY correlations
