BOH vs SPY: Correlation
How closely do Bank of Hawaii Corporation (BOH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOH and SPY?
Across a 3-year window, the weekly returns of BOH and SPY correlate at 0.35, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.35 over 3 years. Stretching to 5 years gives 0.40, with an annualized covariance of 148.8 %².
SPY is close to the least connected end of BOH's tracked universe, ranking #8 of 12. Their 12-month results are close: +16.9% for BOH against +20.6% for SPY. Risk is not evenly split, since BOH carries 2.0 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.
BOH vs SPY: side by side
| BOH (Bank of Hawaii Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.9% | +20.6% |
| 5-year return | +14.3% | +82.4% |
| Volatility (ann.) | 29.1% | 14.5% |
| Beta vs S&P 500 | 0.71 | 1.00 |
| Max drawdown (3Y) | -24.2% | -18.8% |
| Market cap | $3.0B | – |
| P/E (trailing) | 14.4 | – |
| Dividend yield | 3.62% | 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 | BOH | SPY |
|---|---|---|
| 2022 | -4.1% | -18.2% |
| 2023 | -1.5% | +26.2% |
| 2024 | +3.6% | +24.9% |
| 2025 | +0.0% | +17.7% |
| 2026 | +15.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOH and SPY good diversifiers for each other?
Reasonably. At 0.35, BOH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BOH and SPY?
As of 2026-08-27, the correlation of weekly returns between BOH and SPY is 0.35 over 3 years, 0.19 over 1 year and 0.40 over 5 years.
Is SPY a good diversifier for BOH?
Reasonably. At 0.35, BOH 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: BOH correlations · SPY correlations
