HBT vs SPY: Correlation
HBT Financial, Inc. (HBT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBT and SPY?
Over the past 3 years, HBT and SPY moved with a correlation of 0.44, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.44 over 3 years. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 168.1 %².
Within HBT's tracked universe of 17 assets, SPY comes in at #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HBT outperformed by 17.7 percentage points (+38.3% for HBT against +20.6% for SPY). Risk is not evenly split, since HBT carries 1.8 times the volatility of the other side.
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.
HBT vs SPY: side by side
| HBT (HBT Financial, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +38.3% | +20.6% |
| 5-year return | +160.4% | +82.4% |
| Volatility (ann.) | 26.7% | 14.5% |
| Beta vs S&P 500 | 0.80 | 1.00 |
| Max drawdown (3Y) | -18.7% | -18.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 15.2 | – |
| Dividend yield | 2.47% | 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 | HBT | SPY |
|---|---|---|
| 2022 | +8.1% | -18.2% |
| 2023 | +11.7% | +26.2% |
| 2024 | +7.7% | +24.9% |
| 2025 | +22.2% | +17.7% |
| 2026 | +41.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBT and SPY good diversifiers for each other?
Reasonably. At 0.44, HBT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HBT and SPY?
The HBT/SPY correlation stands at 0.44 on a 3-year window (1 year: 0.19, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HBT?
Reasonably. At 0.44, HBT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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: HBT correlations · SPY correlations
