HPP vs SPY: Correlation
Hudson Pacific Properties, Inc. (HPP) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPP and SPY?
On 3 years of weekly data the HPP/SPY correlation comes out at 0.30, moderate. Little has changed lately, as the 1-year reading of 0.37 lands near the 3-year figure. The 5-year figure is 0.35, and annualized covariance runs at 282.5 %².
Among the 12 assets we track against HPP, SPY sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 52.8 percentage points (-32.2% for HPP against +20.6% for SPY). Risk is not evenly split, since HPP carries 4.5 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.
HPP vs SPY: side by side
| HPP (Hudson Pacific Properties, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -32.2% | +20.6% |
| 5-year return | -91.3% | +82.4% |
| Volatility (ann.) | 64.7% | 14.5% |
| Beta vs S&P 500 | 1.35 | 1.00 |
| Max drawdown (3Y) | -91.7% | -18.8% |
| Market cap | $1.5B | – |
| 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 | HPP | SPY |
|---|---|---|
| 2022 | -57.9% | -18.2% |
| 2023 | +1.9% | +26.2% |
| 2024 | -66.9% | +24.9% |
| 2025 | -48.9% | +17.7% |
| 2026 | +25.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPP and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HPP and SPY?
The HPP/SPY correlation stands at 0.30 on a 3-year window (1 year: 0.37, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HPP?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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: HPP correlations · SPY correlations
