HON vs SPY: Correlation
How closely do Honeywell Technologies (HON) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HON and SPY?
Over the past 3 years, HON and SPY moved with a correlation of 0.46, which is moderate. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.46). Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 155.5 %².
By 3-year correlation, SPY places #20 of the 32 assets tracked against HON. The last year tells two different stories: SPY led by 17.9 percentage points, +2.7% for HON against +20.6% for SPY. On a rolling one-year basis the correlation drifted between 0.29 and 0.64, a moderate band. Risk is not evenly split, since HON carries 1.6 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.
HON vs SPY: side by side
| HON (Honeywell Technologies) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.7% | +20.6% |
| 5-year return | +6.6% | +82.4% |
| Volatility (ann.) | 23.2% | 14.5% |
| Beta vs S&P 500 | 0.74 | 1.00 |
| Max drawdown (3Y) | -22.1% | -18.8% |
| Market cap | $69.9B | – |
| P/E (trailing) | 8.5 | – |
| Dividend yield | 4.26% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | HON | SPY |
|---|---|---|
| 2022 | +4.9% | -18.2% |
| 2023 | +0.0% | +26.2% |
| 2024 | +10.0% | +24.9% |
| 2025 | -6.4% | +17.7% |
| 2026 | +9.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.11% of SPY is HON itself, so the fund partly moves with the stock by construction.
Are HON and SPY good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HON and SPY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.32 over the last year and 0.55 over 5 years.
Is SPY a good diversifier for HON?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
A reading of 0.46 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: HON correlations · SPY correlations
