BGY vs SPY: Correlation
Blackrock Enhanced International Dividend Trust (BGY) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGY and SPY?
Over the past 3 years, BGY and SPY moved with a correlation of 0.71, which is strong. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 160.5 %².
Among the 13 assets we track against BGY, SPY ranks #8 by 3-year correlation. The trailing year gives SPY the advantage: +11.9% versus +20.6%, a 8.7-point spread.
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.
BGY vs SPY: side by side
| BGY (Blackrock Enhanced International Dividend Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.9% | +20.6% |
| 5-year return | +38.4% | +82.4% |
| Volatility (ann.) | 15.7% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -15.5% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 6.6 | – |
| Dividend yield | 8.63% | 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 | BGY | SPY |
|---|---|---|
| 2022 | -13.6% | -18.2% |
| 2023 | +13.4% | +26.2% |
| 2024 | +8.7% | +24.9% |
| 2025 | +21.3% | +17.7% |
| 2026 | +6.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGY and SPY good diversifiers for each other?
To a limited degree. At 0.71 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 BGY and SPY?
As of 2026-08-27, the correlation of weekly returns between BGY and SPY is 0.71 over 3 years, 0.75 over 1 year and 0.74 over 5 years.
Is SPY a good diversifier for BGY?
To a limited degree. At 0.71 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 0.71 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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Hubs: BGY correlations · SPY correlations
