HOV vs SPY: Correlation
Hovnanian Enterprises, Inc. (HOV) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HOV and SPY?
Over the past 3 years, HOV and SPY moved with a correlation of 0.34, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.22 versus 0.34 over 3 years. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 329.6 %².
By 3-year correlation, SPY places #16 of the 21 assets tracked against HOV. The last year tells two different stories: SPY led by 29.9 percentage points, -9.3% for HOV against +20.6% for SPY. Note the risk asymmetry: HOV runs 4.7 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.
HOV vs SPY: side by side
| HOV (Hovnanian Enterprises, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -9.3% | +20.6% |
| 5-year return | +19.3% | +82.4% |
| Volatility (ann.) | 67.9% | 14.5% |
| Beta vs S&P 500 | 1.58 | 1.00 |
| Max drawdown (3Y) | -63.1% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 123.0 | – |
| 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 | HOV | SPY |
|---|---|---|
| 2022 | -66.9% | -18.2% |
| 2023 | +269.8% | +26.2% |
| 2024 | -14.0% | +24.9% |
| 2025 | -27.1% | +17.7% |
| 2026 | +29.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HOV and SPY good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HOV and SPY?
As of 2026-08-27, the correlation of weekly returns between HOV and SPY is 0.34 over 3 years, 0.22 over 1 year and 0.48 over 5 years.
Is SPY a good diversifier for HOV?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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: HOV correlations · SPY correlations
