BLKB vs SPY: Correlation
Blackbaud, Inc. (BLKB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLKB and SPY?
On 3 years of weekly data the BLKB/SPY correlation comes out at 0.30, moderate. The relationship has been stable: the 1-year correlation (0.26) sits close to the 3-year figure. The 5-year figure is 0.36, and annualized covariance runs at 169.8 %².
By 3-year correlation, SPY places #10 of the 16 assets tracked against BLKB. Correlation aside, the last 12 months split them widely, with SPY ahead by 47.6 points (-27.0% versus +20.6%). Note the risk asymmetry: BLKB runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BLKB vs SPY: side by side
| BLKB (Blackbaud, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -27.0% | +20.6% |
| 5-year return | -30.1% | +82.4% |
| Volatility (ann.) | 39.2% | 14.5% |
| Beta vs S&P 500 | 0.81 | 1.00 |
| Max drawdown (3Y) | -69.8% | -18.8% |
| Market cap | $2.2B | – |
| P/E (trailing) | 14.7 | – |
| 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 | BLKB | SPY |
|---|---|---|
| 2022 | -25.5% | -18.2% |
| 2023 | +47.3% | +26.2% |
| 2024 | -14.7% | +24.9% |
| 2025 | -14.3% | +17.7% |
| 2026 | -23.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLKB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BLKB and SPY?
As of 2026-08-27, the correlation of weekly returns between BLKB and SPY is 0.30 over 3 years, 0.26 over 1 year and 0.36 over 5 years.
Is SPY a good diversifier for BLKB?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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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Related comparisons
Hubs: BLKB correlations · SPY correlations
