HHH vs SPY: Correlation
Measured on weekly returns over the past three years, Howard Hughes Holdings Inc. (HHH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HHH and SPY?
Over the past 3 years, HHH and SPY moved with a correlation of 0.48, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.35 versus 0.48 over 3 years. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 201.4 %².
Among the 17 assets we track against HHH, SPY ranks #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 34.8 points (-14.2% versus +20.6%). Note the risk asymmetry: HHH runs 2.0 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.
HHH vs SPY: side by side
| HHH (Howard Hughes Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.2% | +20.6% |
| 5-year return | -25.2% | +82.4% |
| Volatility (ann.) | 29.3% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -31.4% | -18.8% |
| Market cap | $3.9B | – |
| P/E (trailing) | 12.8 | – |
| 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 | HHH | SPY |
|---|---|---|
| 2022 | -24.9% | -18.2% |
| 2023 | +11.9% | +26.2% |
| 2024 | -5.7% | +24.9% |
| 2025 | +3.7% | +17.7% |
| 2026 | -18.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HHH and SPY good diversifiers for each other?
Reasonably. At 0.48, HHH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HHH and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.35 over the last year and 0.56 over 5 years.
Is SPY a good diversifier for HHH?
Reasonably. At 0.48, HHH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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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Hubs: HHH correlations · SPY correlations
