HOPE vs SPY: Correlation
Hope Bancorp, Inc. (HOPE) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HOPE and SPY?
Across a 3-year window, the weekly returns of HOPE and SPY correlate at 0.44, moderate. The link has loosened recently: the 1-year correlation (0.27) runs below the 3-year figure (0.44). Stretching to 5 years gives 0.41, with an annualized covariance of 189.7 %².
Among the 47 assets we track against HOPE, SPY ranks #42 by 3-year correlation. The trailing year gives HOPE the advantage: +30.9% versus +20.6%, a 10.3-point spread. Note the risk asymmetry: HOPE runs 2.0 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.
HOPE vs SPY: side by side
| HOPE (Hope Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +30.9% | +20.6% |
| 5-year return | +29.9% | +82.4% |
| Volatility (ann.) | 29.7% | 14.5% |
| Beta vs S&P 500 | 0.91 | 1.00 |
| Max drawdown (3Y) | -35.1% | -18.8% |
| Market cap | $1.8B | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 4.02% | 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 | HOPE | SPY |
|---|---|---|
| 2022 | -9.6% | -18.2% |
| 2023 | -0.1% | +26.2% |
| 2024 | +6.8% | +24.9% |
| 2025 | -5.9% | +17.7% |
| 2026 | +31.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HOPE and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HOPE and SPY?
As of 2026-08-27, the correlation of weekly returns between HOPE and SPY is 0.44 over 3 years, 0.27 over 1 year and 0.41 over 5 years.
Is SPY a good diversifier for HOPE?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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: HOPE correlations · SPY correlations
