BTX vs SPY: Correlation
BlackRock Technology and Private Equity Term Trust (BTX) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTX and SPY?
On 3 years of weekly data the BTX/SPY correlation comes out at 0.73, strong. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. The 5-year figure is 0.76, and annualized covariance runs at 257.3 %².
By 3-year correlation, SPY places #7 of the 20 assets tracked against BTX. Correlation aside, the last 12 months split them widely, with BTX ahead by 18.9 points (+39.5% versus +20.6%). One caveat on sizing: BTX is 1.7 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.
BTX vs SPY: side by side
| BTX (BlackRock Technology and Private Equity Term Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +39.5% | +20.6% |
| 5-year return | -21.7% | +82.4% |
| Volatility (ann.) | 24.4% | 14.5% |
| Beta vs S&P 500 | 1.23 | 1.00 |
| Max drawdown (3Y) | -31.7% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 23.8 | – |
| 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 | BTX | SPY |
|---|---|---|
| 2022 | -47.8% | -18.2% |
| 2023 | +19.3% | +26.2% |
| 2024 | +13.4% | +24.9% |
| 2025 | +0.9% | +17.7% |
| 2026 | +45.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTX and SPY good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BTX and SPY?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.63 over the last year and 0.76 over 5 years.
Is SPY a good diversifier for BTX?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
A reading of 0.73 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: BTX correlations · SPY correlations
