BSBK vs SPY: Correlation
How closely do Bogota Financial Corp. (BSBK) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.08, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSBK and SPY?
Over the past 3 years, BSBK and SPY moved with a correlation of 0.08, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.01 lands near the 3-year figure. Over 5 years the correlation is 0.07, and the annualized covariance of weekly returns is 26.1 %².
Among the 14 assets we track against BSBK, SPY ranks #8 by 3-year correlation. The last year tells two different stories: SPY led by 21.7 percentage points, -1.1% for BSBK 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.
BSBK vs SPY: side by side
| BSBK (Bogota Financial Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.1% | +20.6% |
| 5-year return | -12.7% | +82.4% |
| Volatility (ann.) | 21.2% | 14.5% |
| Beta vs S&P 500 | 0.12 | 1.00 |
| Max drawdown (3Y) | -21.6% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 43.4 | – |
| 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 | BSBK | SPY |
|---|---|---|
| 2022 | +9.8% | -18.2% |
| 2023 | -28.0% | +26.2% |
| 2024 | -6.8% | +24.9% |
| 2025 | +12.7% | +17.7% |
| 2026 | +7.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BSBK and SPY good diversifiers for each other?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BSBK and SPY?
The BSBK/SPY correlation stands at 0.08 on a 3-year window (1 year: 0.01, 5 years: 0.07), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BSBK?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.08 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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Hubs: BSBK correlations · SPY correlations
