BXSL vs SPY: Correlation
How closely do Blackstone Secured Lending Fund (BXSL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXSL and SPY?
On 3 years of weekly data the BXSL/SPY correlation comes out at 0.37, moderate. The relationship has been stable: the 1-year correlation (0.36) sits close to the 3-year figure. The 5-year figure is 0.38, and annualized covariance runs at 93.4 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against BXSL. Correlation aside, the last 12 months split them widely, with SPY ahead by 26.9 points (-6.3% versus +20.6%).
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.
BXSL vs SPY: side by side
| BXSL (Blackstone Secured Lending Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -6.3% | +20.6% |
| 5-year return | +49.3% | +82.4% |
| Volatility (ann.) | 17.4% | 14.5% |
| Beta vs S&P 500 | 0.45 | 1.00 |
| Max drawdown (3Y) | -24.2% | -18.8% |
| Market cap | $5.8B | – |
| P/E (trailing) | 19.6 | – |
| Dividend yield | 12.35% | 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 | BXSL | SPY |
|---|---|---|
| 2022 | -26.0% | -18.2% |
| 2023 | +37.8% | +26.2% |
| 2024 | +29.0% | +24.9% |
| 2025 | -9.4% | +17.7% |
| 2026 | +0.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXSL and SPY good diversifiers for each other?
Reasonably. At 0.37, BXSL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BXSL and SPY?
The BXSL/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.36, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BXSL?
Reasonably. At 0.37, BXSL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 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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Hubs: BXSL correlations · SPY correlations
