HOVR vs SPY: Correlation
Measured on weekly returns over the past three years, New Horizon Aircraft Ltd. - Class A (HOVR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HOVR and SPY?
Across a 3-year window, the weekly returns of HOVR and SPY correlate at 0.06, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.50 versus 0.06 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 154.6 %².
Among the 12 assets we track against HOVR, SPY sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 21.7 percentage points (-1.1% for HOVR against +20.6% for SPY). Note the risk asymmetry: HOVR runs 12.3 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.
HOVR vs SPY: side by side
| HOVR (New Horizon Aircraft Ltd. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.1% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 177.8% | 14.5% |
| Beta vs S&P 500 | 0.74 | 1.00 |
| Max drawdown (3Y) | -97.6% | -18.8% |
| Market cap | $0.1B | – |
| 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 | HOVR | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | -86.4% | +24.9% |
| 2025 | +30.1% | +17.7% |
| 2026 | +23.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HOVR and SPY good diversifiers for each other?
Yes. With a correlation of 0.06, HOVR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HOVR and SPY?
The HOVR/SPY correlation stands at 0.06 on a 3-year window (1 year: 0.50, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HOVR?
Yes. With a correlation of 0.06, HOVR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.06 mean?
On the −1 to +1 scale, 0.06 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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Hubs: HOVR correlations · SPY correlations
