HSBC vs SPY: Correlation
HSBC Holdings, plc. (HSBC) 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 HSBC and SPY?
Across a 3-year window, the weekly returns of HSBC and SPY correlate at 0.45, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 142.5 %².
By 3-year correlation, SPY places #6 of the 13 assets tracked against HSBC. Their recent paths diverged sharply: over the last 12 months HSBC outperformed by 46.0 percentage points (+66.6% for HSBC against +20.6% for SPY). Note the risk asymmetry: HSBC runs 1.5 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.
HSBC vs SPY: side by side
| HSBC (HSBC Holdings, plc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +66.6% | +20.6% |
| 5-year return | +420.9% | +82.4% |
| Volatility (ann.) | 22.1% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -21.8% | -18.8% |
| Market cap | $352.5B | – |
| P/E (trailing) | 14.8 | – |
| Dividend yield | 0.72% | 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 | HSBC | SPY |
|---|---|---|
| 2022 | +7.8% | -18.2% |
| 2023 | +39.4% | +26.2% |
| 2024 | +34.5% | +24.9% |
| 2025 | +67.9% | +17.7% |
| 2026 | +35.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSBC and SPY good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HSBC and SPY?
The HSBC/SPY correlation stands at 0.45 on a 3-year window (1 year: 0.47, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HSBC?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hsbc-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hsbc-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HSBC correlations · SPY correlations
