HMN vs SPY: Correlation
Measured on weekly returns over the past three years, Horace Mann Educators Corporation (HMN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HMN and SPY?
Over the past 3 years, HMN and SPY moved with a correlation of 0.19, which is weak. The past 12 months show a weaker link (0.04) than the 3-year average (0.19). Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 53.7 %².
Out of 11 assets tracked against HMN, SPY lands near the bottom at #7. Their 12-month results are close: +15.9% for HMN against +20.6% for SPY.
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.
HMN vs SPY: side by side
| HMN (Horace Mann Educators Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.9% | +20.6% |
| 5-year return | +48.6% | +82.4% |
| Volatility (ann.) | 20.0% | 14.5% |
| Beta vs S&P 500 | 0.26 | 1.00 |
| Max drawdown (3Y) | -17.1% | -18.8% |
| Market cap | $2.1B | – |
| P/E (trailing) | 12.0 | – |
| Dividend yield | 2.76% | 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 | HMN | SPY |
|---|---|---|
| 2022 | -0.1% | -18.2% |
| 2023 | -8.8% | +26.2% |
| 2024 | +24.6% | +24.9% |
| 2025 | +21.5% | +17.7% |
| 2026 | +12.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HMN and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between HMN and SPY?
The HMN/SPY correlation stands at 0.19 on a 3-year window (1 year: 0.04, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HMN?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
A reading of 0.19 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: HMN correlations · SPY correlations
