HG vs SPY: Correlation
How closely do Hamilton Insurance Group, Ltd. Class B (HG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HG and SPY?
Across a 3-year window, the weekly returns of HG and SPY correlate at 0.06, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.10 versus 0.06 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 25.3 %².
SPY is close to the least connected end of HG's tracked universe, ranking #8 of 12. Their recent paths diverged sharply: over the last 12 months HG outperformed by 35.0 percentage points (+55.6% for HG against +20.6% for SPY). One caveat on sizing: HG is 2.1 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.
HG vs SPY: side by side
| HG (Hamilton Insurance Group, Ltd. Class B) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +55.6% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 30.1% | 14.5% |
| Beta vs S&P 500 | 0.12 | 1.00 |
| Max drawdown (3Y) | -21.1% | -18.8% |
| Market cap | $3.5B | – |
| P/E (trailing) | 6.2 | – |
| 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 | HG | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +27.3% | +24.9% |
| 2025 | +46.6% | +17.7% |
| 2026 | +35.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HG and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between HG and SPY?
As of 2026-08-27, the correlation of weekly returns between HG and SPY is 0.06 over 3 years, -0.10 over 1 year and n/a over 5 years.
Is SPY a good diversifier for HG?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
What does a correlation of 0.06 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: HG correlations · SPY correlations
