BXP vs SPY: Correlation
Measured on weekly returns over the past three years, BXP, Inc. (BXP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXP and SPY?
Over the past 3 years, BXP and SPY moved with a correlation of 0.45, which is moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 214.0 %².
By 3-year correlation, SPY places #29 of the 45 assets tracked against BXP. Correlation aside, the last 12 months split them widely, with SPY ahead by 17.7 points (+2.9% versus +20.6%). Across three years, the rolling one-year figure varied moderately, from 0.28 to 0.65. Risk is not evenly split, since BXP 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.
BXP vs SPY: side by side
| BXP (BXP, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.9% | +20.6% |
| 5-year return | -18.9% | +82.4% |
| Volatility (ann.) | 33.1% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -39.0% | -18.8% |
| Market cap | $12.7B | – |
| P/E (trailing) | 37.8 | – |
| Dividend yield | 3.98% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | BXP | SPY |
|---|---|---|
| 2022 | -38.6% | -18.2% |
| 2023 | +11.0% | +26.2% |
| 2024 | +12.3% | +24.9% |
| 2025 | -4.7% | +17.7% |
| 2026 | +6.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXP and SPY good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BXP and SPY?
As of 2026-08-27, the correlation of weekly returns between BXP and SPY is 0.45 over 3 years, 0.38 over 1 year and 0.50 over 5 years.
Is SPY a good diversifier for BXP?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 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: BXP correlations · SPY correlations
