HCI vs SPY: Correlation
HCI Group, Inc. (HCI) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCI and SPY?
Over the past 3 years, HCI and SPY moved with a correlation of 0.25, which is weak. Little has changed lately, as the 1-year reading of 0.28 lands near the 3-year figure. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 129.4 %².
Out of 10 assets tracked against HCI, SPY lands near the bottom at #6. The trailing year gives SPY the advantage: +15.2% versus +20.6%, a 5.4-point spread. One caveat on sizing: HCI is 2.5 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.
HCI vs SPY: side by side
| HCI (HCI Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.2% | +20.6% |
| 5-year return | +86.4% | +82.4% |
| Volatility (ann.) | 35.9% | 14.5% |
| Beta vs S&P 500 | 0.62 | 1.00 |
| Max drawdown (3Y) | -28.3% | -18.8% |
| Market cap | $2.3B | – |
| P/E (trailing) | 8.1 | – |
| Dividend yield | 0.86% | 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 | HCI | SPY |
|---|---|---|
| 2022 | -51.2% | -18.2% |
| 2023 | +126.8% | +26.2% |
| 2024 | +35.5% | +24.9% |
| 2025 | +66.3% | +17.7% |
| 2026 | -1.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCI and SPY good diversifiers for each other?
Reasonably. At 0.25, HCI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HCI and SPY?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.28 over the last year and 0.23 over 5 years.
Is SPY a good diversifier for HCI?
Reasonably. At 0.25, HCI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: HCI correlations · SPY correlations
