HLIT vs SPY: Correlation
Harmonic Inc. (HLIT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLIT and SPY?
Across a 3-year window, the weekly returns of HLIT and SPY correlate at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. Stretching to 5 years gives 0.40, with an annualized covariance of 294.5 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against HLIT. Over the last 12 months HLIT came out ahead by 8.8 percentage points (+29.4% against +20.6%). One caveat on sizing: HLIT is 3.2 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.
HLIT vs SPY: side by side
| HLIT (Harmonic Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +29.4% | +20.6% |
| 5-year return | +34.2% | +82.4% |
| Volatility (ann.) | 46.9% | 14.5% |
| Beta vs S&P 500 | 1.41 | 1.00 |
| Max drawdown (3Y) | -44.3% | -18.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 51.2 | – |
| 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 | HLIT | SPY |
|---|---|---|
| 2022 | +11.4% | -18.2% |
| 2023 | -0.5% | +26.2% |
| 2024 | +1.5% | +24.9% |
| 2025 | -25.2% | +17.7% |
| 2026 | +24.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLIT and SPY good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HLIT and SPY?
The HLIT/SPY correlation stands at 0.43 on a 3-year window (1 year: 0.46, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HLIT?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
A reading of 0.43 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: HLIT correlations · SPY correlations
