BTG vs SPY: Correlation
B2Gold Corp (BTG) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTG and SPY?
Over the past 3 years, BTG and SPY moved with a correlation of 0.29, which is weak. The link has tightened recently: the 1-year correlation (0.48) runs above the 3-year figure (0.29). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 233.1 %².
Out of 16 assets tracked against BTG, SPY lands near the bottom at #13. The last year tells two different stories: BTG led by 24.3 percentage points, +44.9% for BTG against +20.6% for SPY. Note the risk asymmetry: BTG runs 3.8 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.
BTG vs SPY: side by side
| BTG (B2Gold Corp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +44.9% | +20.6% |
| 5-year return | +85.7% | +82.4% |
| Volatility (ann.) | 55.7% | 14.5% |
| Beta vs S&P 500 | 1.12 | 1.00 |
| Max drawdown (3Y) | -40.7% | -18.8% |
| Market cap | $7.7B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 1.39% | 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 | BTG | SPY |
|---|---|---|
| 2022 | -5.1% | -18.2% |
| 2023 | -7.2% | +26.2% |
| 2024 | -18.1% | +24.9% |
| 2025 | +87.2% | +17.7% |
| 2026 | +30.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTG and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BTG and SPY?
The BTG/SPY correlation stands at 0.29 on a 3-year window (1 year: 0.48, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BTG?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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: BTG correlations · SPY correlations
