BSY vs SPY: Correlation
How closely do Bentley Systems, Incorporated (BSY) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BSY and SPY?
Across a 3-year window, the weekly returns of BSY and SPY correlate at 0.35, moderate. The past 12 months show a weaker link (0.23) than the 3-year average (0.35). Stretching to 5 years gives 0.53, with an annualized covariance of 148.8 %².
SPY is close to the least connected end of BSY's tracked universe, ranking #9 of 13. Correlation aside, the last 12 months split them widely, with SPY ahead by 51.5 points (-30.9% versus +20.6%). Note the risk asymmetry: BSY runs 2.0 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.
BSY vs SPY: side by side
| BSY (Bentley Systems, Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -30.9% | +20.6% |
| 5-year return | -40.5% | +82.4% |
| Volatility (ann.) | 29.4% | 14.5% |
| Beta vs S&P 500 | 0.71 | 1.00 |
| Max drawdown (3Y) | -51.3% | -18.8% |
| Market cap | $11.4B | – |
| P/E (trailing) | 40.9 | – |
| Dividend yield | 0.76% | 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 | BSY | SPY |
|---|---|---|
| 2022 | -23.3% | -18.2% |
| 2023 | +41.8% | +26.2% |
| 2024 | -10.1% | +24.9% |
| 2025 | -17.8% | +17.7% |
| 2026 | -1.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BSY and SPY good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BSY and SPY?
The BSY/SPY correlation stands at 0.35 on a 3-year window (1 year: 0.23, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BSY?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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: BSY correlations · SPY correlations
