HAL vs SPY: Correlation
How closely do Halliburton (HAL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAL and SPY?
Across a 3-year window, the weekly returns of HAL and SPY correlate at 0.21, weak. Lately the two have drifted apart, with the 1-year correlation at -0.04 versus 0.21 over 3 years. Stretching to 5 years gives 0.29, with an annualized covariance of 114.7 %².
Within HAL's tracked universe of 44 assets, SPY comes in at #33 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HAL outperformed by 42.2 percentage points (+62.8% for HAL against +20.6% for SPY). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.05 to 0.52. One caveat on sizing: HAL is 2.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HAL vs SPY: side by side
| HAL (Halliburton) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +62.8% | +20.6% |
| 5-year return | +93.6% | +82.4% |
| Volatility (ann.) | 38.0% | 14.5% |
| Beta vs S&P 500 | 0.55 | 1.00 |
| Max drawdown (3Y) | -54.0% | -18.8% |
| Market cap | $29.6B | – |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 1.97% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Energy | 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 | HAL | SPY |
|---|---|---|
| 2022 | +74.5% | -18.2% |
| 2023 | -6.5% | +26.2% |
| 2024 | -23.2% | +24.9% |
| 2025 | +7.0% | +17.7% |
| 2026 | +26.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAL and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HAL and SPY?
The HAL/SPY correlation stands at 0.21 on a 3-year window (1 year: -0.04, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HAL?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 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: HAL correlations · SPY correlations
