HR vs SPY: Correlation
Healthcare Realty Trust Incorporated (HR) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HR and SPY?
Across a 3-year window, the weekly returns of HR and SPY correlate at 0.25, weak. Recent behaviour matches the longer record: 0.15 over 1 year against 0.25 over 3. Stretching to 5 years gives 0.36, with an annualized covariance of 78.2 %².
Out of 11 assets tracked against HR, SPY lands near the bottom at #7. Their 12-month results are close: +16.6% for HR against +20.6% for SPY. One caveat on sizing: HR 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.
HR vs SPY: side by side
| HR (Healthcare Realty Trust Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.6% | +20.6% |
| 5-year return | +12.6% | +82.4% |
| Volatility (ann.) | 21.8% | 14.5% |
| Beta vs S&P 500 | 0.37 | 1.00 |
| Max drawdown (3Y) | -24.4% | -18.8% |
| Market cap | $6.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.98% | 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 | HR | SPY |
|---|---|---|
| 2022 | -17.5% | -18.2% |
| 2023 | -4.1% | +26.2% |
| 2024 | +6.4% | +24.9% |
| 2025 | +6.9% | +17.7% |
| 2026 | +17.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HR and SPY good diversifiers for each other?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HR and SPY?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.15 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for HR?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.25 mean?
A reading of 0.25 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: HR correlations · SPY correlations
