BTBT vs SPY: Correlation
Bit Digital, Inc. (BTBT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTBT and SPY?
Across a 3-year window, the weekly returns of BTBT and SPY correlate at 0.38, moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.38 over 3. Stretching to 5 years gives 0.40, with an annualized covariance of 468.5 %².
Among the 24 assets we track against BTBT, SPY ranks #19 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 62.6 percentage points (-42.0% for BTBT against +20.6% for SPY). Note the risk asymmetry: BTBT runs 5.9 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.
BTBT vs SPY: side by side
| BTBT (Bit Digital, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -42.0% | +20.6% |
| 5-year return | -87.6% | +82.4% |
| Volatility (ann.) | 85.4% | 14.5% |
| Beta vs S&P 500 | 2.24 | 1.00 |
| Max drawdown (3Y) | -78.1% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| 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 | BTBT | SPY |
|---|---|---|
| 2022 | -90.1% | -18.2% |
| 2023 | +605.0% | +26.2% |
| 2024 | -30.7% | +24.9% |
| 2025 | -35.5% | +17.7% |
| 2026 | -15.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTBT and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BTBT and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.48 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for BTBT?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BTBT correlations · SPY correlations
