HELE vs SPY: Correlation
How closely do Helen of Troy Limited (HELE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HELE and SPY?
On 3 years of weekly data the HELE/SPY correlation comes out at 0.27, weak. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 219.9 %².
Among the 11 assets we track against HELE, SPY ranks #6 by 3-year correlation. The trailing year gives SPY the advantage: +15.4% versus +20.6%, a 5.2-point spread. Note the risk asymmetry: HELE runs 3.9 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.
HELE vs SPY: side by side
| HELE (Helen of Troy Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.4% | +20.6% |
| 5-year return | -87.9% | +82.4% |
| Volatility (ann.) | 57.0% | 14.5% |
| Beta vs S&P 500 | 1.05 | 1.00 |
| Max drawdown (3Y) | -89.0% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | HELE | SPY |
|---|---|---|
| 2022 | -54.6% | -18.2% |
| 2023 | +8.9% | +26.2% |
| 2024 | -50.5% | +24.9% |
| 2025 | -64.5% | +17.7% |
| 2026 | +36.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HELE and SPY good diversifiers for each other?
Reasonably. At 0.27, HELE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HELE and SPY?
The HELE/SPY correlation stands at 0.27 on a 3-year window (1 year: 0.35, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HELE?
Reasonably. At 0.27, HELE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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: HELE correlations · SPY correlations
