BMN vs SPY: Correlation
How closely do BlackRock 2037 Municipal Target Term Trust (BMN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMN and SPY?
Over the past 3 years, BMN and SPY moved with a correlation of 0.28, which is weak. The relationship has been stable: the 1-year correlation (0.32) sits close to the 3-year figure. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 37.7 %².
SPY is close to the least connected end of BMN's tracked universe, ranking #6 of 10. On 12-month performance SPY holds a 9.7-point edge, +10.9% against +20.6%. Note the risk asymmetry: SPY runs 1.5 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.
BMN vs SPY: side by side
| BMN (BlackRock 2037 Municipal Target Term Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.9% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 9.4% | 14.5% |
| Beta vs S&P 500 | 0.18 | 1.00 |
| Max drawdown (3Y) | -9.3% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 22.7 | – |
| 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 | BMN | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +1.9% | +26.2% |
| 2024 | +12.7% | +24.9% |
| 2025 | +5.5% | +17.7% |
| 2026 | +4.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMN and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BMN and SPY?
As of 2026-08-27, the correlation of weekly returns between BMN and SPY is 0.28 over 3 years, 0.32 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for BMN?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 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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Related comparisons
Hubs: BMN correlations · SPY correlations
