HNRG vs SPY: Correlation
Measured on weekly returns over the past three years, Hallador Energy Company (HNRG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HNRG and SPY?
Over the past 3 years, HNRG and SPY moved with a correlation of 0.22, which is weak. The relationship has been stable: the 1-year correlation (0.21) sits close to the 3-year figure. Over 5 years the correlation is 0.11, and the annualized covariance of weekly returns is 228.0 %².
Among the 11 assets we track against HNRG, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 18.6 percentage points, +2.0% for HNRG against +20.6% for SPY. Note the risk asymmetry: HNRG runs 5.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HNRG vs SPY: side by side
| HNRG (Hallador Energy Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.0% | +20.6% |
| 5-year return | +629.4% | +82.4% |
| Volatility (ann.) | 72.5% | 14.5% |
| Beta vs S&P 500 | 1.09 | 1.00 |
| Max drawdown (3Y) | -71.1% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 831.5 | – |
| 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 | HNRG | SPY |
|---|---|---|
| 2022 | +306.1% | -18.2% |
| 2023 | -11.5% | +26.2% |
| 2024 | +29.5% | +24.9% |
| 2025 | +66.3% | +17.7% |
| 2026 | -12.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNRG 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 HNRG and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.21 over the last year and 0.11 over 5 years.
Is SPY a good diversifier for HNRG?
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?
A reading of 0.22 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: HNRG correlations · SPY correlations
