BOKF vs SPY: Correlation
How closely do BOK Financial Corporation (BOKF) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOKF and SPY?
Across a 3-year window, the weekly returns of BOKF and SPY correlate at 0.48, moderate. The link has loosened recently: the 1-year correlation (0.14) runs below the 3-year figure (0.48). Stretching to 5 years gives 0.50, with an annualized covariance of 180.0 %².
Among the 15 assets we track against BOKF, SPY sits near the bottom by co-movement, at rank #11. Their 12-month results are close: +25.5% for BOKF against +20.6% for SPY. Note the risk asymmetry: BOKF runs 1.8 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.
BOKF vs SPY: side by side
| BOKF (BOK Financial Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.5% | +20.6% |
| 5-year return | +78.9% | +82.4% |
| Volatility (ann.) | 25.9% | 14.5% |
| Beta vs S&P 500 | 0.86 | 1.00 |
| Max drawdown (3Y) | -26.2% | -18.8% |
| Market cap | $8.4B | – |
| P/E (trailing) | 13.0 | – |
| Dividend yield | 1.82% | 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 | BOKF | SPY |
|---|---|---|
| 2022 | +1.2% | -18.2% |
| 2023 | -15.2% | +26.2% |
| 2024 | +27.2% | +24.9% |
| 2025 | +13.8% | +17.7% |
| 2026 | +18.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOKF and SPY good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BOKF and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.14 over the last year and 0.50 over 5 years.
Is SPY a good diversifier for BOKF?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bokf-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bokf-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BOKF correlations · SPY correlations
