HRTG vs SPY: Correlation
Heritage Insurance Holdings, Inc. (HRTG) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRTG and SPY?
On 3 years of weekly data the HRTG/SPY correlation comes out at 0.15, weak. Lately the two have drifted apart, with the 1-year correlation at 0.03 versus 0.15 over 3 years. The 5-year figure is 0.16, and annualized covariance runs at 149.1 %².
Within HRTG's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HRTG ahead by 33.0 points (+53.6% versus +20.6%). Note the risk asymmetry: HRTG runs 4.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HRTG vs SPY: side by side
| HRTG (Heritage Insurance Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +53.6% | +20.6% |
| 5-year return | +422.5% | +82.4% |
| Volatility (ann.) | 71.1% | 14.5% |
| Beta vs S&P 500 | 0.71 | 1.00 |
| Max drawdown (3Y) | -43.9% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 4.9 | – |
| 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 | HRTG | SPY |
|---|---|---|
| 2022 | -68.6% | -18.2% |
| 2023 | +262.2% | +26.2% |
| 2024 | +85.6% | +24.9% |
| 2025 | +141.8% | +17.7% |
| 2026 | +16.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRTG and SPY good diversifiers for each other?
Yes. With a correlation of 0.15, HRTG and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HRTG and SPY?
As of 2026-08-27, the correlation of weekly returns between HRTG and SPY is 0.15 over 3 years, 0.03 over 1 year and 0.16 over 5 years.
Is SPY a good diversifier for HRTG?
Yes. With a correlation of 0.15, HRTG and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 mean?
A reading of 0.15 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: HRTG correlations · SPY correlations
