HGV vs SPY: Correlation
How closely do Hilton Grand Vacations Inc. (HGV) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGV and SPY?
Over the past 3 years, HGV and SPY moved with a correlation of 0.55, which is moderate. Recent behaviour matches the longer record: 0.55 over 1 year against 0.55 over 3. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 287.9 %².
Among the 37 assets we track against HGV, SPY ranks #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 27.8 percentage points (-7.2% for HGV against +20.6% for SPY). Note the risk asymmetry: HGV runs 2.5 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.
HGV vs SPY: side by side
| HGV (Hilton Grand Vacations Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.2% | +20.6% |
| 5-year return | +1.7% | +82.4% |
| Volatility (ann.) | 36.3% | 14.5% |
| Beta vs S&P 500 | 1.38 | 1.00 |
| Max drawdown (3Y) | -34.6% | -18.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | 25.6 | – |
| 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 | HGV | SPY |
|---|---|---|
| 2022 | -26.0% | -18.2% |
| 2023 | +4.3% | +26.2% |
| 2024 | -3.1% | +24.9% |
| 2025 | +14.9% | +17.7% |
| 2026 | -2.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGV and SPY good diversifiers for each other?
To a limited degree. At 0.55 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 HGV and SPY?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.55 over the last year and 0.60 over 5 years.
Is SPY a good diversifier for HGV?
To a limited degree. At 0.55 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 0.55 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: HGV correlations · SPY correlations
