BTE vs SPY: Correlation
Baytex Energy Corp (BTE) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTE and SPY?
Over the past 3 years, BTE and SPY moved with a correlation of 0.12, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.20 versus 0.12 over 3 years. Over 5 years the correlation is 0.19, and the annualized covariance of weekly returns is 80.4 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against BTE. The last year tells two different stories: BTE led by 102.2 percentage points, +122.8% for BTE against +20.6% for SPY. One caveat on sizing: BTE is 3.2 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.
BTE vs SPY: side by side
| BTE (Baytex Energy Corp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +122.8% | +20.6% |
| 5-year return | +194.4% | +82.4% |
| Volatility (ann.) | 45.7% | 14.5% |
| Beta vs S&P 500 | 0.38 | 1.00 |
| Max drawdown (3Y) | -66.7% | -18.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.92% | 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 | BTE | SPY |
|---|---|---|
| 2022 | +46.0% | -18.2% |
| 2023 | -25.7% | +26.2% |
| 2024 | -20.6% | +24.9% |
| 2025 | +27.3% | +17.7% |
| 2026 | +50.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTE and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between BTE and SPY?
As of 2026-08-27, the correlation of weekly returns between BTE and SPY is 0.12 over 3 years, -0.20 over 1 year and 0.19 over 5 years.
Is SPY a good diversifier for BTE?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
A reading of 0.12 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: BTE correlations · SPY correlations
