HNVR vs SPY: Correlation
How closely do Hanover Bancorp, Inc. (HNVR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HNVR and SPY?
On 3 years of weekly data the HNVR/SPY correlation comes out at 0.27, weak. The link has loosened recently: the 1-year correlation (0.09) runs below the 3-year figure (0.27). The 5-year figure is 0.18, and annualized covariance runs at 104.1 %².
Out of 13 assets tracked against HNVR, SPY lands near the bottom at #9. Twelve-month performance is nearly a tie, at +23.0% for HNVR and +20.6% for SPY. One caveat on sizing: HNVR is 1.9 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.
HNVR vs SPY: side by side
| HNVR (Hanover Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +23.0% | +20.6% |
| 5-year return | +40.1% | +82.4% |
| Volatility (ann.) | 27.1% | 14.5% |
| Beta vs S&P 500 | 0.50 | 1.00 |
| Max drawdown (3Y) | -28.2% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 21.3 | – |
| Dividend yield | 1.48% | 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 | HNVR | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -11.6% | +26.2% |
| 2024 | +33.7% | +24.9% |
| 2025 | +2.0% | +17.7% |
| 2026 | +18.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HNVR and SPY good diversifiers for each other?
Reasonably. At 0.27, HNVR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HNVR and SPY?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.09 over the last year and 0.18 over 5 years.
Is SPY a good diversifier for HNVR?
Reasonably. At 0.27, HNVR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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.
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Related comparisons
Hubs: HNVR correlations · SPY correlations
