HBNC vs SPY: Correlation
Measured on weekly returns over the past three years, Horizon Bancorp, Inc. (HBNC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBNC and SPY?
Over the past 3 years, HBNC and SPY moved with a correlation of 0.42, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.25 versus 0.42 over 3 years. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 201.0 %².
Among the 17 assets we track against HBNC, SPY ranks #12 by 3-year correlation. Their 12-month results are close: +22.1% for HBNC against +20.6% for SPY. One caveat on sizing: HBNC is 2.3 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.
HBNC vs SPY: side by side
| HBNC (Horizon Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.1% | +20.6% |
| 5-year return | +36.0% | +82.4% |
| Volatility (ann.) | 32.7% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -29.6% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.27% | 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 | HBNC | SPY |
|---|---|---|
| 2022 | -25.3% | -18.2% |
| 2023 | +0.4% | +26.2% |
| 2024 | +18.2% | +24.9% |
| 2025 | +9.8% | +17.7% |
| 2026 | +18.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBNC and SPY good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HBNC and SPY?
As of 2026-08-27, the correlation of weekly returns between HBNC and SPY is 0.42 over 3 years, 0.25 over 1 year and 0.36 over 5 years.
Is SPY a good diversifier for HBNC?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hbnc-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hbnc-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HBNC correlations · SPY correlations
