HEQ vs SPY: Correlation
Measured on weekly returns over the past three years, John Hancock Diversified Income Fund (HEQ) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HEQ and SPY?
On 3 years of weekly data the HEQ/SPY correlation comes out at 0.69, strong. The relationship has been stable: the 1-year correlation (0.67) sits close to the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 122.3 %².
Among the 13 assets we track against HEQ, SPY ranks #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.8% for HEQ and +20.6% for SPY.
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.
HEQ vs SPY: side by side
| HEQ (John Hancock Diversified Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.8% | +20.6% |
| 5-year return | +43.5% | +82.4% |
| Volatility (ann.) | 12.3% | 14.5% |
| Beta vs S&P 500 | 0.59 | 1.00 |
| Max drawdown (3Y) | -11.5% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 7.6 | – |
| 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 | HEQ | SPY |
|---|---|---|
| 2022 | -3.1% | -18.2% |
| 2023 | -3.1% | +26.2% |
| 2024 | +11.7% | +24.9% |
| 2025 | +15.6% | +17.7% |
| 2026 | +15.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HEQ and SPY good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HEQ and SPY?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.67 over the last year and 0.48 over 5 years.
Is SPY a good diversifier for HEQ?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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: HEQ correlations · SPY correlations
