BTOG vs SPY: Correlation
Measured on weekly returns over the past three years, Bit Origin Limited - Class A (BTOG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.10, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTOG and SPY?
On 3 years of weekly data the BTOG/SPY correlation comes out at 0.10, weak. The link has tightened recently: the 1-year correlation (0.32) runs above the 3-year figure (0.10). The 5-year figure is 0.08, and annualized covariance runs at 335.4 %².
SPY is close to the least connected end of BTOG's tracked universe, ranking #9 of 12. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 117.8 percentage points (-97.2% for BTOG against +20.6% for SPY). Note the risk asymmetry: BTOG runs 15.8 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.
BTOG vs SPY: side by side
| BTOG (Bit Origin Limited - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -97.2% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 229.6% | 14.5% |
| Beta vs S&P 500 | 1.61 | 1.00 |
| Max drawdown (3Y) | -99.9% | -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 | BTOG | SPY |
|---|---|---|
| 2022 | -87.2% | -18.2% |
| 2023 | -21.4% | +26.2% |
| 2024 | -76.4% | +24.9% |
| 2025 | -82.4% | +17.7% |
| 2026 | -93.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTOG and SPY good diversifiers for each other?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BTOG and SPY?
Using weekly returns as of 2026-08-27: 0.10 over 3 years, with 0.32 over the last year and 0.08 over 5 years.
Is SPY a good diversifier for BTOG?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.10 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: BTOG correlations · SPY correlations
