HASI vs SPY: Correlation
How closely do HA Sustainable Infrastructure Capital, Inc. (HASI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HASI and SPY?
On 3 years of weekly data the HASI/SPY correlation comes out at 0.25, weak. Recent behaviour matches the longer record: 0.19 over 1 year against 0.25 over 3. The 5-year figure is 0.43, and annualized covariance runs at 175.3 %².
Among the 13 assets we track against HASI, SPY sits near the bottom by co-movement, at rank #9. The last year tells two different stories: HASI led by 30.4 percentage points, +51.0% for HASI against +20.6% for SPY. One caveat on sizing: HASI is 3.3 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.
HASI vs SPY: side by side
| HASI (HA Sustainable Infrastructure Capital, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +51.0% | +20.6% |
| 5-year return | -13.8% | +82.4% |
| Volatility (ann.) | 48.0% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -41.4% | -18.8% |
| Market cap | $5.2B | – |
| P/E (trailing) | 62.0 | – |
| Dividend yield | 4.22% | 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 | HASI | SPY |
|---|---|---|
| 2022 | -43.0% | -18.2% |
| 2023 | +1.5% | +26.2% |
| 2024 | +3.0% | +24.9% |
| 2025 | +23.9% | +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 HASI and SPY good diversifiers for each other?
Reasonably. At 0.25, HASI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HASI and SPY?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.19 over the last year and 0.43 over 5 years.
Is SPY a good diversifier for HASI?
Reasonably. At 0.25, HASI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HASI correlations · SPY correlations
