BHM vs SPY: Correlation
How closely do Bluerock Homes Trust, Inc. (BHM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.05, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHM and SPY?
Across a 3-year window, the weekly returns of BHM and SPY correlate at 0.05, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.05 over 1 year against 0.05 over 3. Stretching to 5 years gives 0.18, with an annualized covariance of 27.7 %².
By 3-year correlation, SPY places #7 of the 18 assets tracked against BHM. Correlation aside, the last 12 months split them widely, with SPY ahead by 55.1 points (-34.5% versus +20.6%). One caveat on sizing: BHM is 2.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BHM vs SPY: side by side
| BHM (Bluerock Homes Trust, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -34.5% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 41.3% | 14.5% |
| Beta vs S&P 500 | 0.13 | 1.00 |
| Max drawdown (3Y) | -54.9% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.85% | 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 | BHM | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -29.7% | +26.2% |
| 2024 | -5.1% | +24.9% |
| 2025 | -15.9% | +17.7% |
| 2026 | -19.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHM and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between BHM and SPY?
As of 2026-08-27, the correlation of weekly returns between BHM and SPY is 0.05 over 3 years, 0.05 over 1 year and 0.18 over 5 years.
Is SPY a good diversifier for BHM?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
What does a correlation of 0.05 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bhm-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bhm-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BHM correlations · SPY correlations
