HQL vs SPY: Correlation
How closely do abrdn Life Sciences Investors Shares of Beneficial Interest (HQL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQL and SPY?
On 3 years of weekly data the HQL/SPY correlation comes out at 0.54, moderate. The link has loosened recently: the 1-year correlation (0.42) runs below the 3-year figure (0.54). The 5-year figure is 0.59, and annualized covariance runs at 184.5 %².
Within HQL's tracked universe of 72 assets, SPY comes in at #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HQL outperformed by 55.3 percentage points (+75.9% for HQL against +20.6% for SPY). Note the risk asymmetry: HQL runs 1.6 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.
HQL vs SPY: side by side
| HQL (abrdn Life Sciences Investors Shares of Beneficial Interest) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +75.9% | +20.6% |
| 5-year return | +74.1% | +82.4% |
| Volatility (ann.) | 23.5% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -25.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 8.87% | 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 | HQL | SPY |
|---|---|---|
| 2022 | -19.2% | -18.2% |
| 2023 | +4.2% | +26.2% |
| 2024 | +11.0% | +24.9% |
| 2025 | +45.5% | +17.7% |
| 2026 | +40.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQL and SPY good diversifiers for each other?
To a limited degree. At 0.54 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 HQL and SPY?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.42 over the last year and 0.59 over 5 years.
Is SPY a good diversifier for HQL?
To a limited degree. At 0.54 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 0.54 mean?
A reading of 0.54 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: HQL correlations · SPY correlations
