HLP vs SPY: Correlation
Measured on weekly returns over the past three years, Hongli Group Inc. - Class A (HLP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.00, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLP and SPY?
Across a 3-year window, the weekly returns of HLP and SPY correlate at 0.00, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.13 versus 0.00 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 3.2 %².
By 3-year correlation, SPY places #6 of the 15 assets tracked against HLP. Their recent paths diverged sharply: over the last 12 months HLP outperformed by 69.1 percentage points (+89.7% for HLP against +20.6% for SPY). One caveat on sizing: HLP is 8.8 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.
HLP vs SPY: side by side
| HLP (Hongli Group Inc. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +89.7% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 127.2% | 14.5% |
| Beta vs S&P 500 | 0.02 | 1.00 |
| Max drawdown (3Y) | -91.9% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 43.0 | – |
| 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 | HLP | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | -22.0% | +24.9% |
| 2025 | -20.6% | +17.7% |
| 2026 | +24.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLP and SPY good diversifiers for each other?
Yes: at 0.00, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HLP and SPY?
As of 2026-08-27, the correlation of weekly returns between HLP and SPY is 0.00 over 3 years, 0.13 over 1 year and n/a over 5 years.
Is SPY a good diversifier for HLP?
Yes: at 0.00, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.00 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hlp-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hlp-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HLP correlations · SPY correlations
