HQH vs SPY: Correlation
How closely do abrdn Healthcare Investors Shares of Beneficial Interest (HQH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQH and SPY?
Across a 3-year window, the weekly returns of HQH and SPY correlate at 0.55, moderate. The past 12 months show a weaker link (0.44) than the 3-year average (0.55). Stretching to 5 years gives 0.63, with an annualized covariance of 173.2 %².
By 3-year correlation, SPY places #11 of the 36 assets tracked against HQH. The last year tells two different stories: HQH led by 39.2 percentage points, +59.8% for HQH against +20.6% for SPY. One caveat on sizing: HQH is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HQH vs SPY: side by side
| HQH (abrdn Healthcare Investors Shares of Beneficial Interest) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +59.8% | +20.6% |
| 5-year return | +51.1% | +82.4% |
| Volatility (ann.) | 21.8% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -21.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 5.2 | – |
| Dividend yield | 9.62% | 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 | HQH | SPY |
|---|---|---|
| 2022 | -17.3% | -18.2% |
| 2023 | +1.2% | +26.2% |
| 2024 | +10.2% | +24.9% |
| 2025 | +34.1% | +17.7% |
| 2026 | +33.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQH and SPY good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HQH and SPY?
The HQH/SPY correlation stands at 0.55 on a 3-year window (1 year: 0.44, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HQH?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
A reading of 0.55 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: HQH correlations · SPY correlations
