BHV vs SPY: Correlation
How closely do BlackRock Virginia Municipal Bond Trust (BHV) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHV and SPY?
On 3 years of weekly data the BHV/SPY correlation comes out at 0.23, weak. The link has tightened recently: the 1-year correlation (0.35) runs above the 3-year figure (0.23). The 5-year figure is 0.33, and annualized covariance runs at 42.0 %².
Among the 10 assets we track against BHV, SPY sits near the bottom by co-movement, at rank #6. The trailing year gives BHV the advantage: +31.5% versus +20.6%, a 10.9-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.
BHV vs SPY: side by side
| BHV (BlackRock Virginia Municipal Bond Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +31.5% | +20.6% |
| 5-year return | -16.7% | +82.4% |
| Volatility (ann.) | 12.5% | 14.5% |
| Beta vs S&P 500 | 0.20 | 1.00 |
| Max drawdown (3Y) | -11.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.82% | 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 | BHV | SPY |
|---|---|---|
| 2022 | -36.1% | -18.2% |
| 2023 | -1.0% | +26.2% |
| 2024 | +6.0% | +24.9% |
| 2025 | +0.8% | +17.7% |
| 2026 | +24.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHV and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BHV and SPY?
The BHV/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.35, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BHV?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 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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Hubs: BHV correlations · SPY correlations
