HQY vs SPY: Correlation
HealthEquity, Inc. (HQY) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQY and SPY?
On 3 years of weekly data the HQY/SPY correlation comes out at 0.28, weak. The link has loosened recently: the 1-year correlation (0.16) runs below the 3-year figure (0.28). The 5-year figure is 0.18, and annualized covariance runs at 132.5 %².
Within HQY's tracked universe of 14 assets, SPY comes in at #7 by 3-year correlation. The trailing year gives SPY the advantage: +6.1% versus +20.6%, a 14.5-point spread. Risk is not evenly split, since HQY carries 2.3 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.
HQY vs SPY: side by side
| HQY (HealthEquity, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.1% | +20.6% |
| 5-year return | +45.4% | +82.4% |
| Volatility (ann.) | 32.9% | 14.5% |
| Beta vs S&P 500 | 0.63 | 1.00 |
| Max drawdown (3Y) | -36.1% | -18.8% |
| Market cap | $7.7B | – |
| P/E (trailing) | 39.1 | – |
| 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 | HQY | SPY |
|---|---|---|
| 2022 | +39.3% | -18.2% |
| 2023 | +7.6% | +26.2% |
| 2024 | +44.7% | +24.9% |
| 2025 | -4.5% | +17.7% |
| 2026 | +1.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQY and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HQY and SPY?
The HQY/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.16, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HQY?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
A reading of 0.28 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: HQY correlations · SPY correlations
