BXC vs SPY: Correlation
How closely do Bluelinx Holdings Inc. (BXC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXC and SPY?
On 3 years of weekly data the BXC/SPY correlation comes out at 0.35, moderate. Little has changed lately, as the 1-year reading of 0.26 lands near the 3-year figure. The 5-year figure is 0.38, and annualized covariance runs at 321.5 %².
Within BXC's tracked universe of 33 assets, SPY comes in at #28 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 23.2 points (-2.6% versus +20.6%). One caveat on sizing: BXC is 4.3 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.
BXC vs SPY: side by side
| BXC (Bluelinx Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.6% | +20.6% |
| 5-year return | +33.6% | +82.4% |
| Volatility (ann.) | 62.7% | 14.5% |
| Beta vs S&P 500 | 1.54 | 1.00 |
| Max drawdown (3Y) | -65.6% | -18.8% |
| Market cap | $0.6B | – |
| 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 | BXC | SPY |
|---|---|---|
| 2022 | -25.7% | -18.2% |
| 2023 | +59.3% | +26.2% |
| 2024 | -9.8% | +24.9% |
| 2025 | -39.9% | +17.7% |
| 2026 | +29.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXC and SPY good diversifiers for each other?
Reasonably. At 0.35, BXC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BXC and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.26 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for BXC?
Reasonably. At 0.35, BXC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 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: BXC correlations · SPY correlations
