BHK vs SPY: Correlation
How closely do Blackrock Core Bond Trust (BHK) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHK and SPY?
On 3 years of weekly data the BHK/SPY correlation comes out at 0.33, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.50 versus 0.33 over 3 years. The 5-year figure is 0.41, and annualized covariance runs at 58.7 %².
SPY is close to the least connected end of BHK's tracked universe, ranking #13 of 17. Correlation aside, the last 12 months split them widely, with SPY ahead by 16.4 points (+4.2% 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.
BHK vs SPY: side by side
| BHK (Blackrock Core Bond Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.2% | +20.6% |
| 5-year return | -15.3% | +82.4% |
| Volatility (ann.) | 12.4% | 14.5% |
| Beta vs S&P 500 | 0.28 | 1.00 |
| Max drawdown (3Y) | -16.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 12.9 | – |
| Dividend yield | 9.85% | 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 | BHK | SPY |
|---|---|---|
| 2022 | -32.6% | -18.2% |
| 2023 | +14.3% | +26.2% |
| 2024 | +3.9% | +24.9% |
| 2025 | +0.3% | +17.7% |
| 2026 | +1.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHK and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BHK and SPY?
As of 2026-08-27, the correlation of weekly returns between BHK and SPY is 0.33 over 3 years, 0.50 over 1 year and 0.41 over 5 years.
Is SPY a good diversifier for BHK?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 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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Related comparisons
Hubs: BHK correlations · SPY correlations
