BKSY vs SPY: Correlation
Measured on weekly returns over the past three years, BlackSky Technology Inc. (BKSY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKSY and SPY?
On 3 years of weekly data the BKSY/SPY correlation comes out at 0.40, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. The 5-year figure is 0.45, and annualized covariance runs at 518.3 %².
Within BKSY'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 BKSY outperformed by 15.7 percentage points (+36.3% for BKSY against +20.6% for SPY). One caveat on sizing: BKSY is 6.2 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.
BKSY vs SPY: side by side
| BKSY (BlackSky Technology Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +36.3% | +20.6% |
| 5-year return | -69.1% | +82.4% |
| Volatility (ann.) | 90.5% | 14.5% |
| Beta vs S&P 500 | 2.48 | 1.00 |
| Max drawdown (3Y) | -69.1% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | – |
| 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 | BKSY | SPY |
|---|---|---|
| 2022 | -65.7% | -18.2% |
| 2023 | -9.1% | +26.2% |
| 2024 | -3.7% | +24.9% |
| 2025 | +73.8% | +17.7% |
| 2026 | +32.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKSY and SPY good diversifiers for each other?
Reasonably. At 0.40, BKSY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BKSY and SPY?
As of 2026-08-27, the correlation of weekly returns between BKSY and SPY is 0.40 over 3 years, 0.43 over 1 year and 0.45 over 5 years.
Is SPY a good diversifier for BKSY?
Reasonably. At 0.40, BKSY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Hubs: BKSY correlations · SPY correlations
