HRI vs SPY: Correlation
Herc Holdings Inc. (HRI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRI and SPY?
Over the past 3 years, HRI and SPY moved with a correlation of 0.45, which is moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.45). Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 351.5 %².
By 3-year correlation, SPY places #9 of the 14 assets tracked against HRI. Twelve-month performance is nearly a tie, at +18.9% for HRI and +20.6% for SPY. One caveat on sizing: HRI is 3.7 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.
HRI vs SPY: side by side
| HRI (Herc Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.9% | +20.6% |
| 5-year return | +27.3% | +82.4% |
| Volatility (ann.) | 54.2% | 14.5% |
| Beta vs S&P 500 | 1.68 | 1.00 |
| Max drawdown (3Y) | -60.9% | -18.8% |
| Market cap | $5.2B | – |
| P/E (trailing) | 92.0 | – |
| Dividend yield | 1.79% | 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 | HRI | SPY |
|---|---|---|
| 2022 | -14.4% | -18.2% |
| 2023 | +15.5% | +26.2% |
| 2024 | +29.4% | +24.9% |
| 2025 | -20.1% | +17.7% |
| 2026 | +5.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRI and SPY good diversifiers for each other?
Reasonably. At 0.45, HRI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HRI and SPY?
As of 2026-08-27, the correlation of weekly returns between HRI and SPY is 0.45 over 3 years, 0.28 over 1 year and 0.50 over 5 years.
Is SPY a good diversifier for HRI?
Reasonably. At 0.45, HRI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 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: HRI correlations · SPY correlations
