BMO vs SPY: Correlation
How closely do Bank Of Montreal (BMO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMO and SPY?
Across a 3-year window, the weekly returns of BMO and SPY correlate at 0.53, moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Stretching to 5 years gives 0.63, with an annualized covariance of 156.4 %².
Among the 11 assets we track against BMO, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with BMO ahead by 26.1 points (+46.7% 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.
BMO vs SPY: side by side
| BMO (Bank Of Montreal) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +46.7% | +20.6% |
| 5-year return | +109.4% | +82.4% |
| Volatility (ann.) | 20.3% | 14.5% |
| Beta vs S&P 500 | 0.75 | 1.00 |
| Max drawdown (3Y) | -17.6% | -18.8% |
| Market cap | $120.0B | – |
| P/E (trailing) | 19.4 | – |
| Dividend yield | 3.86% | 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 | BMO | SPY |
|---|---|---|
| 2022 | -12.4% | -18.2% |
| 2023 | +14.6% | +26.2% |
| 2024 | +3.0% | +24.9% |
| 2025 | +38.3% | +17.7% |
| 2026 | +34.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMO and SPY good diversifiers for each other?
Only partially. A correlation of 0.53 means BMO and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BMO and SPY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.50 over the last year and 0.63 over 5 years.
Is SPY a good diversifier for BMO?
Only partially. A correlation of 0.53 means BMO and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 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: BMO correlations · SPY correlations
