FHB vs SPY: Correlation
First Hawaiian, Inc. (FHB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHB and SPY?
On 3 years of weekly data the FHB/SPY correlation comes out at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.44 over 3 years. The 5-year figure is 0.49, and annualized covariance runs at 161.0 %².
By 3-year correlation, SPY places #12 of the 18 assets tracked against FHB. The last year tells two different stories: SPY led by 17.3 percentage points, +3.3% for FHB against +20.6% for SPY. Risk is not evenly split, since FHB carries 1.8 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.
FHB vs SPY: side by side
| FHB (First Hawaiian, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.3% | +20.6% |
| 5-year return | +16.4% | +82.4% |
| Volatility (ann.) | 25.6% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -24.3% | -18.8% |
| Market cap | $3.1B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 4.01% | 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 | FHB | SPY |
|---|---|---|
| 2022 | -0.9% | -18.2% |
| 2023 | -7.6% | +26.2% |
| 2024 | +18.7% | +24.9% |
| 2025 | +1.6% | +17.7% |
| 2026 | +5.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FHB and SPY?
The FHB/SPY correlation stands at 0.44 on a 3-year window (1 year: 0.27, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FHB?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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: FHB correlations · SPY correlations
