BTCT vs SPY: Correlation
BTC Digital Ltd. (BTCT) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is -0.06.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTCT and SPY?
On 3 years of weekly data the BTCT/SPY correlation comes out at -0.06, near zero, meaning they move largely independently. The link has tightened recently: the 1-year correlation (0.08) runs above the 3-year figure (-0.06). The 5-year figure is 0.01, and annualized covariance runs at -461.4 %².
Within BTCT's tracked universe of 52 assets, SPY comes in at #15 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 40.8 points (-20.2% versus +20.6%). One caveat on sizing: BTCT is 39.4 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.
BTCT vs SPY: side by side
| BTCT (BTC Digital Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -20.2% | +20.6% |
| 5-year return | -99.5% | +82.4% |
| Volatility (ann.) | 571.6% | 14.5% |
| Beta vs S&P 500 | -2.21 | 1.00 |
| Max drawdown (3Y) | -97.8% | -18.8% |
| Market cap | – | – |
| 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 | BTCT | SPY |
|---|---|---|
| 2022 | -97.6% | -18.2% |
| 2023 | +33.9% | +26.2% |
| 2024 | -0.8% | +24.9% |
| 2025 | -72.8% | +17.7% |
| 2026 | +61.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTCT and SPY good diversifiers for each other?
Yes: at -0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BTCT and SPY?
The BTCT/SPY correlation stands at -0.06 on a 3-year window (1 year: 0.08, 5 years: 0.01), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BTCT?
Yes: at -0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.06 mean?
A reading of -0.06 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/btct-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/btct-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BTCT correlations · SPY correlations
