BX vs SPY: Correlation
How closely do Blackstone Inc. (BX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BX and SPY?
Over the past 3 years, BX and SPY moved with a correlation of 0.58, which is moderate. The past 12 months show a weaker link (0.46) than the 3-year average (0.58). Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 283.7 %².
By 3-year correlation, SPY places #21 of the 35 assets tracked against BX. Correlation aside, the last 12 months split them widely, with SPY ahead by 33.5 points (-12.9% versus +20.6%). Across three years, the rolling one-year figure varied moderately, from 0.46 to 0.77. Risk is not evenly split, since BX carries 2.3 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.
BX vs SPY: side by side
| BX (Blackstone Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -12.9% | +20.6% |
| 5-year return | +37.5% | +82.4% |
| Volatility (ann.) | 34.0% | 14.5% |
| Beta vs S&P 500 | 1.36 | 1.00 |
| Max drawdown (3Y) | -46.5% | -18.8% |
| Market cap | $171.7B | – |
| P/E (trailing) | 32.1 | – |
| Dividend yield | 3.65% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | BX | SPY |
|---|---|---|
| 2022 | -40.0% | -18.2% |
| 2023 | +82.7% | +26.2% |
| 2024 | +35.1% | +24.9% |
| 2025 | -7.8% | +17.7% |
| 2026 | -3.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds BX at a 0.16% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are BX and SPY good diversifiers for each other?
Only partially. A correlation of 0.58 means BX and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BX and SPY?
The BX/SPY correlation stands at 0.58 on a 3-year window (1 year: 0.46, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BX?
Only partially. A correlation of 0.58 means BX and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
A reading of 0.58 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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