BSL vs SPY: Correlation
Measured on weekly returns over the past three years, Blackstone Senior Floating Rate 2027 Term Fund (BSL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSL and SPY?
Across a 3-year window, the weekly returns of BSL and SPY correlate at 0.42, moderate. The past 12 months show a tighter link (0.56) than the 3-year average (0.42). Stretching to 5 years gives 0.43, with an annualized covariance of 41.9 %².
Among the 10 assets we track against BSL, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 21.8 points (-1.2% versus +20.6%). Note the risk asymmetry: SPY runs 2.1 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.
BSL vs SPY: side by side
| BSL (Blackstone Senior Floating Rate 2027 Term Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.2% | +20.6% |
| 5-year return | +23.5% | +82.4% |
| Volatility (ann.) | 6.9% | 14.5% |
| Beta vs S&P 500 | 0.20 | 1.00 |
| Max drawdown (3Y) | -7.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 22.8 | – |
| Dividend yield | 8.86% | 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 | BSL | SPY |
|---|---|---|
| 2022 | -22.9% | -18.2% |
| 2023 | +20.0% | +26.2% |
| 2024 | +18.2% | +24.9% |
| 2025 | +2.2% | +17.7% |
| 2026 | +0.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BSL and SPY good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BSL and SPY?
The BSL/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.56, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BSL?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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: BSL correlations · SPY correlations
