BTT vs SPY: Correlation
BlackRock Municipal 2030 Target Term Trust (BTT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTT and SPY?
Across a 3-year window, the weekly returns of BTT and SPY correlate at 0.37, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Stretching to 5 years gives 0.46, with an annualized covariance of 35.6 %².
Among the 13 assets we track against BTT, SPY ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 16.7 points (+3.9% versus +20.6%). One caveat on sizing: SPY is 2.2 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.
BTT vs SPY: side by side
| BTT (BlackRock Municipal 2030 Target Term Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.9% | +20.6% |
| 5-year return | -1.1% | +82.4% |
| Volatility (ann.) | 6.6% | 14.5% |
| Beta vs S&P 500 | 0.17 | 1.00 |
| Max drawdown (3Y) | -6.5% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | 16.4 | – |
| Dividend yield | 2.46% | 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 | BTT | SPY |
|---|---|---|
| 2022 | -15.2% | -18.2% |
| 2023 | +0.7% | +26.2% |
| 2024 | +1.6% | +24.9% |
| 2025 | +13.7% | +17.7% |
| 2026 | +0.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTT and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BTT and SPY?
The BTT/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.44, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BTT?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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: BTT correlations · SPY correlations
