HRZN vs SPY: Correlation
Measured on weekly returns over the past three years, Horizon Technology Finance Corporation (HRZN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRZN and SPY?
On 3 years of weekly data the HRZN/SPY correlation comes out at 0.24, weak. Recent behaviour matches the longer record: 0.29 over 1 year against 0.24 over 3. The 5-year figure is 0.36, and annualized covariance runs at 115.9 %².
Among the 16 assets we track against HRZN, SPY ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 35.2 percentage points (-14.6% for HRZN against +20.6% for SPY). One caveat on sizing: HRZN is 2.3 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.
HRZN vs SPY: side by side
| HRZN (Horizon Technology Finance Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.6% | +20.6% |
| 5-year return | -44.7% | +82.4% |
| Volatility (ann.) | 32.9% | 14.5% |
| Beta vs S&P 500 | 0.55 | 1.00 |
| Max drawdown (3Y) | -59.4% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 13.0 | – |
| Dividend yield | 23.38% | 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 | HRZN | SPY |
|---|---|---|
| 2022 | -19.7% | -18.2% |
| 2023 | +27.0% | +26.2% |
| 2024 | -22.9% | +24.9% |
| 2025 | -14.4% | +17.7% |
| 2026 | -14.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRZN and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HRZN and SPY?
The HRZN/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.29, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HRZN?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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: HRZN correlations · SPY correlations
