HBAN vs SPY: Correlation
How closely do Huntington Bancshares (HBAN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBAN and SPY?
Over the past 3 years, HBAN and SPY moved with a correlation of 0.52, which is moderate. The past 12 months show a weaker link (0.34) than the 3-year average (0.52). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 223.7 %².
By 3-year correlation, SPY places #38 of the 55 assets tracked against HBAN. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 22.3 percentage points (-1.7% for HBAN against +20.6% for SPY). The relationship is regime-dependent: the rolling one-year correlation swung between 0.17 and 0.76 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: HBAN is 2.1 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.
HBAN vs SPY: side by side
| HBAN (Huntington Bancshares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.7% | +20.6% |
| 5-year return | +36.8% | +82.4% |
| Volatility (ann.) | 29.8% | 14.5% |
| Beta vs S&P 500 | 1.07 | 1.00 |
| Max drawdown (3Y) | -30.0% | -18.8% |
| Market cap | $34.1B | – |
| P/E (trailing) | 13.1 | – |
| Dividend yield | 3.64% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | HBAN | SPY |
|---|---|---|
| 2022 | -4.4% | -18.2% |
| 2023 | -4.7% | +26.2% |
| 2024 | +33.7% | +24.9% |
| 2025 | +10.8% | +17.7% |
| 2026 | -0.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
HBAN represents 0.05% of SPY's portfolio, so part of any move in SPY is HBAN itself, and the correlation between them is partly mechanical.
Are HBAN and SPY good diversifiers for each other?
Only partially. A correlation of 0.52 means HBAN and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HBAN and SPY?
As of 2026-08-27, the correlation of weekly returns between HBAN and SPY is 0.52 over 3 years, 0.34 over 1 year and 0.51 over 5 years.
Is SPY a good diversifier for HBAN?
Only partially. A correlation of 0.52 means HBAN and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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: HBAN correlations · SPY correlations
