HIPO vs SPY: Correlation
How closely do Hippo Holdings Inc. (HIPO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIPO and SPY?
Over the past 3 years, HIPO and SPY moved with a correlation of 0.36, which is moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 331.2 %².
SPY is close to the least connected end of HIPO's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 23.8 percentage points (-3.2% for HIPO against +20.6% for SPY). One caveat on sizing: HIPO is 4.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HIPO vs SPY: side by side
| HIPO (Hippo Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.2% | +20.6% |
| 5-year return | -73.4% | +82.4% |
| Volatility (ann.) | 64.1% | 14.5% |
| Beta vs S&P 500 | 1.59 | 1.00 |
| Max drawdown (3Y) | -39.6% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 7.0 | – |
| 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 | HIPO | SPY |
|---|---|---|
| 2022 | -80.8% | -18.2% |
| 2023 | -32.9% | +26.2% |
| 2024 | +193.5% | +24.9% |
| 2025 | +12.4% | +17.7% |
| 2026 | +8.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIPO and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HIPO and SPY?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.45 over the last year and 0.34 over 5 years.
Is SPY a good diversifier for HIPO?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: HIPO correlations · SPY correlations
