HII vs SPY: Correlation
Measured on weekly returns over the past three years, Huntington Ingalls Industries (HII) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HII and SPY?
Over the past 3 years, HII and SPY moved with a correlation of 0.34, which is moderate. The link has loosened recently: the 1-year correlation (0.24) runs below the 3-year figure (0.34). Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 174.9 %².
Within HII's tracked universe of 28 assets, SPY comes in at #16 by 3-year correlation. On 12-month performance SPY holds a 11.2-point edge, +9.4% against +20.6%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.18 and 0.68 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since HII carries 2.4 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.
HII vs SPY: side by side
| HII (Huntington Ingalls Industries) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.4% | +20.6% |
| 5-year return | +59.2% | +82.4% |
| Volatility (ann.) | 35.3% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -45.2% | -18.8% |
| Market cap | $11.7B | – |
| P/E (trailing) | 17.7 | – |
| Dividend yield | 1.85% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | HII | SPY |
|---|---|---|
| 2022 | +26.3% | -18.2% |
| 2023 | +15.2% | +26.2% |
| 2024 | -25.7% | +24.9% |
| 2025 | +84.2% | +17.7% |
| 2026 | -11.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HII and SPY good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HII and SPY?
The HII/SPY correlation stands at 0.34 on a 3-year window (1 year: 0.24, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HII?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
A reading of 0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hii-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hii-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HII correlations · SPY correlations
