HMY vs SPY: Correlation
Measured on weekly returns over the past three years, Harmony Gold Mining Company Limited (HMY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HMY and SPY?
On 3 years of weekly data the HMY/SPY correlation comes out at 0.27, weak. The link has tightened recently: the 1-year correlation (0.47) runs above the 3-year figure (0.27). The 5-year figure is 0.25, and annualized covariance runs at 247.0 %².
Among the 11 assets we track against HMY, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with HMY ahead by 25.5 points (+46.1% versus +20.6%). Risk is not evenly split, since HMY carries 4.4 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.
HMY vs SPY: side by side
| HMY (Harmony Gold Mining Company Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +46.1% | +20.6% |
| 5-year return | +492.0% | +82.4% |
| Volatility (ann.) | 63.5% | 14.5% |
| Beta vs S&P 500 | 1.18 | 1.00 |
| Max drawdown (3Y) | -48.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 13.9 | – |
| 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 | HMY | SPY |
|---|---|---|
| 2022 | -16.4% | -18.2% |
| 2023 | +82.5% | +26.2% |
| 2024 | +35.4% | +24.9% |
| 2025 | +144.2% | +17.7% |
| 2026 | +7.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HMY and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HMY and SPY?
As of 2026-08-27, the correlation of weekly returns between HMY and SPY is 0.27 over 3 years, 0.47 over 1 year and 0.25 over 5 years.
Is SPY a good diversifier for HMY?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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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Hubs: HMY correlations · SPY correlations
