BXMT vs SPY: Correlation
Blackstone Mortgage Trust, Inc. (BXMT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXMT and SPY?
On 3 years of weekly data the BXMT/SPY correlation comes out at 0.35, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.21 versus 0.35 over 3 years. The 5-year figure is 0.49, and annualized covariance runs at 131.6 %².
Out of 12 assets tracked against BXMT, SPY lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with SPY ahead by 41.9 points (-21.3% versus +20.6%). Risk is not evenly split, since BXMT carries 1.8 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.
BXMT vs SPY: side by side
| BXMT (Blackstone Mortgage Trust, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -21.3% | +20.6% |
| 5-year return | -28.8% | +82.4% |
| Volatility (ann.) | 25.8% | 14.5% |
| Beta vs S&P 500 | 0.63 | 1.00 |
| Max drawdown (3Y) | -29.8% | -18.8% |
| Market cap | $2.3B | – |
| P/E (trailing) | 172.6 | – |
| Dividend yield | 13.51% | 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 | BXMT | SPY |
|---|---|---|
| 2022 | -24.0% | -18.2% |
| 2023 | +13.5% | +26.2% |
| 2024 | -7.9% | +24.9% |
| 2025 | +21.1% | +17.7% |
| 2026 | -24.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXMT and SPY good diversifiers for each other?
Reasonably. At 0.35, BXMT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BXMT and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.21 over the last year and 0.49 over 5 years.
Is SPY a good diversifier for BXMT?
Reasonably. At 0.35, BXMT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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: BXMT correlations · SPY correlations
