HGLB vs SPY: Correlation
How closely do Highland Global Allocation Fund (HGLB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGLB and SPY?
Across a 3-year window, the weekly returns of HGLB and SPY correlate at 0.50, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.66 versus 0.50 over 3 years. Stretching to 5 years gives 0.44, with an annualized covariance of 189.7 %².
Among the 14 assets we track against HGLB, SPY ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 19.6 percentage points (+1.0% for HGLB against +20.6% for SPY). Risk is not evenly split, since HGLB carries 1.8 times the volatility of the other side.
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.
HGLB vs SPY: side by side
| HGLB (Highland Global Allocation Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.0% | +20.6% |
| 5-year return | +36.3% | +82.4% |
| Volatility (ann.) | 26.1% | 14.5% |
| Beta vs S&P 500 | 0.91 | 1.00 |
| Max drawdown (3Y) | -24.1% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 18.9 | – |
| 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 | HGLB | SPY |
|---|---|---|
| 2022 | +14.5% | -18.2% |
| 2023 | -6.1% | +26.2% |
| 2024 | -1.5% | +24.9% |
| 2025 | +51.7% | +17.7% |
| 2026 | -10.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGLB and SPY good diversifiers for each other?
To a limited degree. At 0.50 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 HGLB and SPY?
As of 2026-08-27, the correlation of weekly returns between HGLB and SPY is 0.50 over 3 years, 0.66 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for HGLB?
To a limited degree. At 0.50 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 0.50 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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Hubs: HGLB correlations · SPY correlations
