HRL vs SPY: Correlation
How closely do Hormel Foods (HRL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRL and SPY?
On 3 years of weekly data the HRL/SPY correlation comes out at 0.04, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.07 versus 0.04 over 3 years. The 5-year figure is 0.14, and annualized covariance runs at 15.4 %².
Among the 35 assets we track against HRL, SPY ranks #22 by 3-year correlation. The last year tells two different stories: SPY led by 43.4 percentage points, -22.8% for HRL against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from -0.05 to 0.33. One caveat on sizing: HRL is 1.8 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.
HRL vs SPY: side by side
| HRL (Hormel Foods) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -22.8% | +20.6% |
| 5-year return | -44.3% | +82.4% |
| Volatility (ann.) | 26.1% | 14.5% |
| Beta vs S&P 500 | 0.07 | 1.00 |
| Max drawdown (3Y) | -44.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 28.0 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | HRL | SPY |
|---|---|---|
| 2022 | -4.7% | -18.2% |
| 2023 | -27.5% | +26.2% |
| 2024 | +1.2% | +24.9% |
| 2025 | -21.3% | +17.7% |
| 2026 | -6.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRL and SPY good diversifiers for each other?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HRL and SPY?
Using weekly returns as of 2026-08-27: 0.04 over 3 years, with -0.07 over the last year and 0.14 over 5 years.
Is SPY a good diversifier for HRL?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.04 mean?
A reading of 0.04 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hrl-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hrl-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HRL correlations · SPY correlations
