HAE vs SPY: Correlation
Measured on weekly returns over the past three years, Haemonetics Corporation (HAE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.17, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAE and SPY?
On 3 years of weekly data the HAE/SPY correlation comes out at 0.17, weak. Lately the two have drifted apart, with the 1-year correlation at -0.02 versus 0.17 over 3 years. The 5-year figure is 0.23, and annualized covariance runs at 111.3 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against HAE. Correlation aside, the last 12 months split them widely, with HAE ahead by 70.2 points (+90.8% versus +20.6%). Risk is not evenly split, since HAE carries 3.2 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.
HAE vs SPY: side by side
| HAE (Haemonetics Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +90.8% | +20.6% |
| 5-year return | +69.8% | +82.4% |
| Volatility (ann.) | 46.1% | 14.5% |
| Beta vs S&P 500 | 0.53 | 1.00 |
| Max drawdown (3Y) | -51.0% | -18.8% |
| Market cap | $4.8B | – |
| P/E (trailing) | 51.5 | – |
| 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 | HAE | SPY |
|---|---|---|
| 2022 | +48.3% | -18.2% |
| 2023 | +8.7% | +26.2% |
| 2024 | -8.7% | +24.9% |
| 2025 | +2.7% | +17.7% |
| 2026 | +31.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAE and SPY good diversifiers for each other?
Yes. With a correlation of 0.17, HAE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HAE and SPY?
Using weekly returns as of 2026-08-27: 0.17 over 3 years, with -0.02 over the last year and 0.23 over 5 years.
Is SPY a good diversifier for HAE?
Yes. With a correlation of 0.17, HAE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.17 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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Related comparisons
Hubs: HAE correlations · SPY correlations
