HNST vs SPY: Correlation
How closely do The Honest Company, Inc. (HNST) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HNST and SPY?
Over the past 3 years, HNST and SPY moved with a correlation of 0.33, which is moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 377.4 %².
Among the 11 assets we track against HNST, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with HNST ahead by 24.1 points (+44.7% versus +20.6%). Note the risk asymmetry: HNST runs 5.5 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.
HNST vs SPY: side by side
| HNST (The Honest Company, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +44.7% | +20.6% |
| 5-year return | -42.6% | +82.4% |
| Volatility (ann.) | 79.5% | 14.5% |
| Beta vs S&P 500 | 1.81 | 1.00 |
| Max drawdown (3Y) | -75.5% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| 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 | HNST | SPY |
|---|---|---|
| 2022 | -62.8% | -18.2% |
| 2023 | +9.6% | +26.2% |
| 2024 | +110.0% | +24.9% |
| 2025 | -62.8% | +17.7% |
| 2026 | +123.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNST and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HNST and SPY?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.39 over the last year and 0.37 over 5 years.
Is SPY a good diversifier for HNST?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 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: HNST correlations · SPY correlations
