ECAT vs SPY: Correlation
Measured on weekly returns over the past three years, BlackRock ESG Capital Allocation Term Trust (ECAT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECAT and SPY?
Over the past 3 years, ECAT and SPY moved with a correlation of 0.75, which is strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 165.4 %².
Within ECAT's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. On 12-month performance SPY holds a 5.9-point edge, +14.7% against +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.
ECAT vs SPY: side by side
| ECAT (BlackRock ESG Capital Allocation Term Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.7% | +20.6% |
| 5-year return | +56.8% | +82.4% |
| Volatility (ann.) | 15.2% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -15.8% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 7.2 | – |
| 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 | ECAT | SPY |
|---|---|---|
| 2022 | -21.9% | -18.2% |
| 2023 | +32.4% | +26.2% |
| 2024 | +20.0% | +24.9% |
| 2025 | +16.6% | +17.7% |
| 2026 | +15.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECAT and SPY good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ECAT and SPY?
The ECAT/SPY correlation stands at 0.75 on a 3-year window (1 year: 0.76, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ECAT?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
A reading of 0.75 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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Related comparisons
Hubs: ECAT correlations · SPY correlations
