BCAT vs. SPY
BCAT (BlackRock Capital Allocation Term Trust) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, BCAT returned 7.96%/yr vs 12.76%/yr for SPY. Their 0.60 correlation means they have sometimes moved together and sometimes differently.
Performance
BCAT vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BCAT achieves a 25.35% return, which is significantly higher than SPY's 10.13% return.
BCAT
- 1D
- 0.90%
- 1M
- 1.62%
- 6M
- 18.61%
- YTD
- 25.35%
- 1Y
- 31.23%
- 3Y*
- 21.08%
- 5Y*
- 7.96%
- 10Y*
- —
- ALL TIME*
- 9.19%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.36M | $12.03M | $11.44M | |
| $37.27B | $35.99B | $39.23B |
BCAT vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BCAT BlackRock Capital Allocation Term Trust | 25.35% | 16.78% | 19.37% | 19.30% | -22.64% | -5.21% | 9.35% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 16.07% |
Correlation
The correlation between BCAT and SPY is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020 | 0.60 |
The correlation between BCAT and SPY has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BCAT vs. SPY — Risk / Return Rank
BCAT
SPY
BCAT vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Capital Allocation Term Trust (BCAT) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BCAT | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.27 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.83 | 2.20 | +1.63 |
| Martin ratioReturn relative to average drawdown | 17.14 | 9.40 | +7.74 |
Loading charts...
Drawdowns
BCAT vs. SPY - Drawdown Comparison
The maximum BCAT drawdown since its inception was -36.13%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BCAT and SPY.
Loading charts...
Drawdown Indicators
| BCAT | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.13% | -55.19% | +19.06% |
Max Drawdown (1Y)Largest decline over 1 year | -7.98% | -8.88% | +0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -13.69% | -18.76% | +5.07% |
Max Drawdown (5Y)Largest decline over 5 years | -33.67% | -24.50% | -9.17% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -0.65% | -1.40% | +0.75% |
Average DrawdownAverage peak-to-trough decline | -12.48% | -9.01% | -3.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 2.08% | -0.30% |
Volatility
BCAT vs. SPY - Volatility Comparison
BlackRock Capital Allocation Term Trust (BCAT) has a higher volatility of 3.98% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that BCAT's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BCAT | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.98% | 3.58% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 9.87% | 10.14% | -0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 12.89% | -0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.20% | 17.18% | -1.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.88% | 17.95% | -2.07% |
Dividends
BCAT vs. SPY - Dividend Comparison
BCAT's dividend yield for the trailing twelve months is around 19.97%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BCAT BlackRock Capital Allocation Term Trust | 19.97% | 23.45% | 17.48% | 10.08% | 9.01% | 6.42% | 0.48% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
BCAT and SPY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCAT has higher volatility (3.98%) compared to SPY (3.58%). In terms of maximum drawdown, BCAT dropped -36.13% vs SPY's -55.19%.
BCAT currently has the higher Sharpe Ratio (2.53 vs 1.52), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for BCAT and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer