HLF vs SPY: Correlation
Measured on weekly returns over the past three years, Herbalife Ltd. (HLF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLF and SPY?
Over the past 3 years, HLF and SPY moved with a correlation of 0.11, which is weak. Little has changed lately, as the 1-year reading of 0.08 lands near the 3-year figure. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 99.7 %².
Among the 12 assets we track against HLF, SPY sits near the bottom by co-movement, at rank #8. Over the last 12 months HLF came out ahead by 9.7 percentage points (+30.3% against +20.6%). One caveat on sizing: HLF is 4.5 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.
HLF vs SPY: side by side
| HLF (Herbalife Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +30.3% | +20.6% |
| 5-year return | -75.9% | +82.4% |
| Volatility (ann.) | 65.4% | 14.5% |
| Beta vs S&P 500 | 0.48 | 1.00 |
| Max drawdown (3Y) | -67.0% | -18.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 8.0 | – |
| 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 | HLF | SPY |
|---|---|---|
| 2022 | -63.6% | -18.2% |
| 2023 | +2.6% | +26.2% |
| 2024 | -56.2% | +24.9% |
| 2025 | +92.7% | +17.7% |
| 2026 | -4.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLF and SPY good diversifiers for each other?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HLF and SPY?
Using weekly returns as of 2026-08-27: 0.11 over 3 years, with 0.08 over the last year and 0.17 over 5 years.
Is SPY a good diversifier for HLF?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.11 mean?
A reading of 0.11 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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Related comparisons
Hubs: HLF correlations · SPY correlations
