HROW vs SPY: Correlation
Measured on weekly returns over the past three years, Harrow, Inc. (HROW) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HROW and SPY?
Over the past 3 years, HROW and SPY moved with a correlation of 0.38, which is moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 413.8 %².
Out of 11 assets tracked against HROW, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 21.2 percentage points (-0.6% for HROW against +20.6% for SPY). One caveat on sizing: HROW is 5.2 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.
HROW vs SPY: side by side
| HROW (Harrow, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.6% | +20.6% |
| 5-year return | +288.9% | +82.4% |
| Volatility (ann.) | 75.0% | 14.5% |
| Beta vs S&P 500 | 1.98 | 1.00 |
| Max drawdown (3Y) | -61.4% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | – |
| 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 | HROW | SPY |
|---|---|---|
| 2022 | +70.8% | -18.2% |
| 2023 | -24.1% | +26.2% |
| 2024 | +199.6% | +24.9% |
| 2025 | +46.1% | +17.7% |
| 2026 | -21.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HROW and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HROW and SPY?
The HROW/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.39, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HROW?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: HROW correlations · SPY correlations
