BMEZ vs SPY: Correlation
BlackRock Health Sciences Term Trust (BMEZ) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMEZ and SPY?
Over the past 3 years, BMEZ and SPY moved with a correlation of 0.55, which is moderate. The link has loosened recently: the 1-year correlation (0.44) runs below the 3-year figure (0.55). Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 130.6 %².
Among the 23 assets we track against BMEZ, SPY ranks #7 by 3-year correlation. The trailing year gives BMEZ the advantage: +31.4% versus +20.6%, a 10.8-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.
BMEZ vs SPY: side by side
| BMEZ (BlackRock Health Sciences Term Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +31.4% | +20.6% |
| 5-year return | +0.9% | +82.4% |
| Volatility (ann.) | 16.5% | 14.5% |
| Beta vs S&P 500 | 0.63 | 1.00 |
| Max drawdown (3Y) | -18.3% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 6.7 | – |
| 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 | BMEZ | SPY |
|---|---|---|
| 2022 | -32.7% | -18.2% |
| 2023 | +5.1% | +26.2% |
| 2024 | +9.5% | +24.9% |
| 2025 | +18.7% | +17.7% |
| 2026 | +20.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMEZ and SPY good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BMEZ and SPY?
The BMEZ/SPY correlation stands at 0.55 on a 3-year window (1 year: 0.44, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BMEZ?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 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: BMEZ correlations · SPY correlations
