HGBL vs SPY: Correlation
How closely do Heritage Global Inc. (HGBL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.03, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGBL and SPY?
On 3 years of weekly data the HGBL/SPY correlation comes out at 0.03, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.04 lands near the 3-year figure. The 5-year figure is 0.09, and annualized covariance runs at 16.1 %².
SPY is close to the least connected end of HGBL's tracked universe, ranking #6 of 10. Correlation aside, the last 12 months split them widely, with SPY ahead by 54.3 points (-33.7% versus +20.6%). Note the risk asymmetry: HGBL runs 2.4 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.
HGBL vs SPY: side by side
| HGBL (Heritage Global Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -33.7% | +20.6% |
| 5-year return | -41.3% | +82.4% |
| Volatility (ann.) | 34.6% | 14.5% |
| Beta vs S&P 500 | 0.08 | 1.00 |
| Max drawdown (3Y) | -70.7% | -18.8% |
| Market cap | – | – |
| 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 | HGBL | SPY |
|---|---|---|
| 2022 | +25.7% | -18.2% |
| 2023 | +18.3% | +26.2% |
| 2024 | -33.5% | +24.9% |
| 2025 | -33.0% | +17.7% |
| 2026 | +3.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGBL and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between HGBL and SPY?
The HGBL/SPY correlation stands at 0.03 on a 3-year window (1 year: -0.04, 5 years: 0.09), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HGBL?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
What does a correlation of 0.03 mean?
A reading of 0.03 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HGBL correlations · SPY correlations
