BTCS vs SPY: Correlation
How closely do BTCS Inc. (BTCS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.03, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTCS and SPY?
Across a 3-year window, the weekly returns of BTCS and SPY correlate at 0.03, near zero, meaning they move largely independently. The past 12 months show a tighter link (0.43) than the 3-year average (0.03). Stretching to 5 years gives 0.15, with an annualized covariance of 71.9 %².
By 3-year correlation, SPY places #9 of the 20 assets tracked against BTCS. The last year tells two different stories: SPY led by 82.9 percentage points, -62.3% for BTCS against +20.6% for SPY. One caveat on sizing: BTCS is 11.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BTCS vs SPY: side by side
| BTCS (BTCS Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -62.3% | +20.6% |
| 5-year return | -79.2% | +82.4% |
| Volatility (ann.) | 161.4% | 14.5% |
| Beta vs S&P 500 | 0.34 | 1.00 |
| Max drawdown (3Y) | -84.9% | -18.8% |
| Market cap | $0.1B | – |
| 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 | BTCS | SPY |
|---|---|---|
| 2022 | -79.6% | -18.2% |
| 2023 | +158.7% | +26.2% |
| 2024 | +51.5% | +24.9% |
| 2025 | +8.1% | +17.7% |
| 2026 | -39.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTCS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between BTCS and SPY?
As of 2026-08-27, the correlation of weekly returns between BTCS and SPY is 0.03 over 3 years, 0.43 over 1 year and 0.15 over 5 years.
Is SPY a good diversifier for BTCS?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
What does a correlation of 0.03 mean?
A reading of 0.03 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/btcs-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/btcs-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BTCS correlations · SPY correlations
