HSCS vs SPY: Correlation
Measured on weekly returns over the past three years, HeartSciences Inc. (HSCS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.12, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSCS and SPY?
Across a 3-year window, the weekly returns of HSCS and SPY correlate at 0.12, weak. Lately the two have drifted apart, with the 1-year correlation at -0.12 versus 0.12 over 3 years. Stretching to 5 years gives 0.16, with an annualized covariance of 183.0 %².
Out of 10 assets tracked against HSCS, SPY lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 28.3 percentage points (-7.7% for HSCS against +20.6% for SPY). Note the risk asymmetry: HSCS runs 7.2 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.
HSCS vs SPY: side by side
| HSCS (HeartSciences Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.7% | +20.6% |
| 5-year return | -98.7% | +82.4% |
| Volatility (ann.) | 104.0% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -98.0% | -18.8% |
| Market cap | – | – |
| 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 | HSCS | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -79.6% | +26.2% |
| 2024 | -77.7% | +24.9% |
| 2025 | -19.1% | +17.7% |
| 2026 | +1.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSCS and SPY good diversifiers for each other?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HSCS and SPY?
The HSCS/SPY correlation stands at 0.12 on a 3-year window (1 year: -0.12, 5 years: 0.16), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HSCS?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.12 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: HSCS correlations · SPY correlations
