HBCP vs SPY: Correlation
Home Bancorp, Inc. (HBCP) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBCP and SPY?
On 3 years of weekly data the HBCP/SPY correlation comes out at 0.41, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.13 versus 0.41 over 3 years. The 5-year figure is 0.38, and annualized covariance runs at 171.1 %².
SPY is close to the least connected end of HBCP's tracked universe, ranking #12 of 16. Twelve-month performance is nearly a tie, at +24.9% for HBCP and +20.6% for SPY. Note the risk asymmetry: HBCP runs 2.0 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.
HBCP vs SPY: side by side
| HBCP (Home Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.9% | +20.6% |
| 5-year return | +110.9% | +82.4% |
| Volatility (ann.) | 28.6% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -21.7% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 1.76% | 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 | HBCP | SPY |
|---|---|---|
| 2022 | -1.2% | -18.2% |
| 2023 | +8.0% | +26.2% |
| 2024 | +12.7% | +24.9% |
| 2025 | +27.9% | +17.7% |
| 2026 | +21.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBCP and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HBCP and SPY?
As of 2026-08-27, the correlation of weekly returns between HBCP and SPY is 0.41 over 3 years, 0.13 over 1 year and 0.38 over 5 years.
Is SPY a good diversifier for HBCP?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
A reading of 0.41 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: HBCP correlations · SPY correlations
