BOE vs SPY: Correlation
How closely do Blackrock Enhanced Global Dividend Trust (BOE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.83, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOE and SPY?
Over the past 3 years, BOE and SPY moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 164.5 %².
By 3-year correlation, SPY places #9 of the 27 assets tracked against BOE. Their 12-month results are close: +17.7% for BOE against +20.6% for SPY.
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.
BOE vs SPY: side by side
| BOE (Blackrock Enhanced Global Dividend Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +17.7% | +20.6% |
| 5-year return | +46.4% | +82.4% |
| Volatility (ann.) | 13.8% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -14.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 6.8 | – |
| Dividend yield | 7.95% | 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 | BOE | SPY |
|---|---|---|
| 2022 | -15.5% | -18.2% |
| 2023 | +12.0% | +26.2% |
| 2024 | +16.8% | +24.9% |
| 2025 | +18.8% | +17.7% |
| 2026 | +12.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOE and SPY good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between BOE and SPY?
The BOE/SPY correlation stands at 0.83 on a 3-year window (1 year: 0.80, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BOE?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 mean?
On the −1 to +1 scale, 0.83 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: BOE correlations · SPY correlations
