HAFC vs SPY: Correlation
How closely do Hanmi Financial Corporation (HAFC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAFC and SPY?
Over the past 3 years, HAFC and SPY moved with a correlation of 0.40, which is moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.40). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 189.0 %².
Within HAFC's tracked universe of 13 assets, SPY comes in at #8 by 3-year correlation. On 12-month performance HAFC holds a 6.7-point edge, +27.3% against +20.6%. Note the risk asymmetry: HAFC runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HAFC vs SPY: side by side
| HAFC (Hanmi Financial Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.3% | +20.6% |
| 5-year return | +104.5% | +82.4% |
| Volatility (ann.) | 32.5% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -26.9% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 10.5 | – |
| Dividend yield | 3.54% | 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 | HAFC | SPY |
|---|---|---|
| 2022 | +8.5% | -18.2% |
| 2023 | -17.0% | +26.2% |
| 2024 | +28.7% | +24.9% |
| 2025 | +19.7% | +17.7% |
| 2026 | +18.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAFC and SPY good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HAFC and SPY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.20 over the last year and 0.41 over 5 years.
Is SPY a good diversifier for HAFC?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 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: HAFC correlations · SPY correlations
