BME vs SPY: Correlation
Blackrock Health Sciences Trust (BME) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BME and SPY?
Across a 3-year window, the weekly returns of BME and SPY correlate at 0.46, moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.46). Stretching to 5 years gives 0.55, with an annualized covariance of 95.0 %².
By 3-year correlation, SPY places #24 of the 34 assets tracked against BME. Correlation aside, the last 12 months split them widely, with BME ahead by 15.4 points (+36.0% 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.
BME vs SPY: side by side
| BME (Blackrock Health Sciences Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +36.0% | +20.6% |
| 5-year return | +33.5% | +82.4% |
| Volatility (ann.) | 14.4% | 14.5% |
| Beta vs S&P 500 | 0.45 | 1.00 |
| Max drawdown (3Y) | -14.4% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 7.8 | – |
| Dividend yield | 6.80% | 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 | BME | SPY |
|---|---|---|
| 2022 | -4.6% | -18.2% |
| 2023 | -1.1% | +26.2% |
| 2024 | -0.1% | +24.9% |
| 2025 | +17.9% | +17.7% |
| 2026 | +17.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BME and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BME and SPY?
As of 2026-08-27, the correlation of weekly returns between BME and SPY is 0.46 over 3 years, 0.26 over 1 year and 0.55 over 5 years.
Is SPY a good diversifier for BME?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 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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Hubs: BME correlations · SPY correlations
