BUR vs SPY: Correlation
Measured on weekly returns over the past three years, Burford Capital Limited (BUR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BUR and SPY?
Across a 3-year window, the weekly returns of BUR and SPY correlate at 0.43, moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.43 over 3. Stretching to 5 years gives 0.40, with an annualized covariance of 291.4 %².
By 3-year correlation, SPY places #6 of the 15 assets tracked against BUR. Correlation aside, the last 12 months split them widely, with SPY ahead by 88.8 points (-68.2% versus +20.6%). Risk is not evenly split, since BUR carries 3.2 times the volatility of the other side.
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.
BUR vs SPY: side by side
| BUR (Burford Capital Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -68.2% | +20.6% |
| 5-year return | -62.0% | +82.4% |
| Volatility (ann.) | 46.5% | 14.5% |
| Beta vs S&P 500 | 1.40 | 1.00 |
| Max drawdown (3Y) | -75.5% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.45% | 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 | BUR | SPY |
|---|---|---|
| 2022 | -21.6% | -18.2% |
| 2023 | +93.3% | +26.2% |
| 2024 | -17.5% | +24.9% |
| 2025 | -29.7% | +17.7% |
| 2026 | -50.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BUR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BUR and SPY?
As of 2026-08-27, the correlation of weekly returns between BUR and SPY is 0.43 over 3 years, 0.51 over 1 year and 0.40 over 5 years.
Is SPY a good diversifier for BUR?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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: BUR correlations · SPY correlations
