HLNE vs SPY: Correlation
Measured on weekly returns over the past three years, Hamilton Lane Incorporated (HLNE) 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 HLNE and SPY?
On 3 years of weekly data the HLNE/SPY correlation comes out at 0.48, moderate. The link has loosened recently: the 1-year correlation (0.33) runs below the 3-year figure (0.48). The 5-year figure is 0.59, and annualized covariance runs at 257.3 %².
By 3-year correlation, SPY places #10 of the 18 assets tracked against HLNE. The last year tells two different stories: SPY led by 50.0 percentage points, -29.4% for HLNE against +20.6% for SPY. Risk is not evenly split, since HLNE carries 2.6 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.
HLNE vs SPY: side by side
| HLNE (Hamilton Lane Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -29.4% | +20.6% |
| 5-year return | +32.3% | +82.4% |
| Volatility (ann.) | 37.2% | 14.5% |
| Beta vs S&P 500 | 1.23 | 1.00 |
| Max drawdown (3Y) | -62.3% | -18.8% |
| Market cap | $5.9B | – |
| P/E (trailing) | 16.0 | – |
| Dividend yield | 2.11% | 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 | HLNE | SPY |
|---|---|---|
| 2022 | -37.0% | -18.2% |
| 2023 | +81.4% | +26.2% |
| 2024 | +32.4% | +24.9% |
| 2025 | -7.9% | +17.7% |
| 2026 | -19.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLNE and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HLNE and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.33 over the last year and 0.59 over 5 years.
Is SPY a good diversifier for HLNE?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined 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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Related comparisons
Hubs: HLNE correlations · SPY correlations
