HLX vs SPY: Correlation
Helix Energy Solutions Group, Inc. (HLX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLX and SPY?
Over the past 3 years, HLX and SPY moved with a correlation of 0.22, which is weak. The past 12 months show a weaker link (-0.05) than the 3-year average (0.22). Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 136.8 %².
SPY is close to the least connected end of HLX's tracked universe, ranking #17 of 21. Correlation aside, the last 12 months split them widely, with HLX ahead by 36.5 points (+57.1% versus +20.6%). One caveat on sizing: HLX is 2.9 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.
HLX vs SPY: side by side
| HLX (Helix Energy Solutions Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.1% | +20.6% |
| 5-year return | +165.6% | +82.4% |
| Volatility (ann.) | 42.5% | 14.5% |
| Beta vs S&P 500 | 0.65 | 1.00 |
| Max drawdown (3Y) | -55.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 40.5 | – |
| 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 | HLX | SPY |
|---|---|---|
| 2022 | +136.5% | -18.2% |
| 2023 | +39.3% | +26.2% |
| 2024 | -9.3% | +24.9% |
| 2025 | -32.7% | +17.7% |
| 2026 | +61.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLX and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HLX and SPY?
As of 2026-08-27, the correlation of weekly returns between HLX and SPY is 0.22 over 3 years, -0.05 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for HLX?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hlx-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hlx-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HLX correlations · SPY correlations
