BNY vs SPY: Correlation
How closely do BNY Mellon (BNY) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNY and SPY?
Over the past 3 years, BNY and SPY moved with a correlation of 0.64, which is strong. The link has loosened recently: the 1-year correlation (0.51) runs below the 3-year figure (0.64). Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 186.0 %².
By 3-year correlation, SPY places #18 of the 31 assets tracked against BNY. The last year tells two different stories: BNY led by 36.6 percentage points, +57.2% for BNY against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.46 to 0.77.
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.
BNY vs SPY: side by side
| BNY (BNY Mellon) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.2% | +20.6% |
| 5-year return | +236.7% | +82.4% |
| Volatility (ann.) | 20.2% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -17.6% | -18.8% |
| Market cap | $110.1B | – |
| P/E (trailing) | 19.0 | – |
| Dividend yield | 1.30% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | BNY | SPY |
|---|---|---|
| 2022 | -19.1% | -18.2% |
| 2023 | +18.5% | +26.2% |
| 2024 | +51.9% | +24.9% |
| 2025 | +54.4% | +17.7% |
| 2026 | +41.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
BNY represents 0.17% of SPY's portfolio, so part of any move in SPY is BNY itself, and the correlation between them is partly mechanical.
Are BNY and SPY good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BNY and SPY?
The BNY/SPY correlation stands at 0.64 on a 3-year window (1 year: 0.51, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BNY?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 mean?
On the −1 to +1 scale, 0.64 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: BNY correlations · SPY correlations
