HFWA vs SPY: Correlation
How closely do Heritage Financial Corporation (HFWA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HFWA and SPY?
On 3 years of weekly data the HFWA/SPY correlation comes out at 0.31, moderate. The past 12 months show a weaker link (0.10) than the 3-year average (0.31). The 5-year figure is 0.33, and annualized covariance runs at 137.8 %².
SPY is close to the least connected end of HFWA's tracked universe, ranking #10 of 14. Their 12-month results are close: +20.8% for HFWA against +20.6% for SPY. Note the risk asymmetry: HFWA runs 2.1 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.
HFWA vs SPY: side by side
| HFWA (Heritage Financial Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.8% | +20.6% |
| 5-year return | +38.4% | +82.4% |
| Volatility (ann.) | 30.5% | 14.5% |
| Beta vs S&P 500 | 0.66 | 1.00 |
| Max drawdown (3Y) | -22.4% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 13.7 | – |
| Dividend yield | 3.34% | 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 | HFWA | SPY |
|---|---|---|
| 2022 | +29.3% | -18.2% |
| 2023 | -26.9% | +26.2% |
| 2024 | +19.8% | +24.9% |
| 2025 | +0.6% | +17.7% |
| 2026 | +24.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HFWA and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HFWA and SPY?
The HFWA/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.10, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HFWA?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 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: HFWA correlations · SPY correlations
