HSDT vs SPY: Correlation
Measured on weekly returns over the past three years, Solana Company (HSDT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSDT and SPY?
Over the past 3 years, HSDT and SPY moved with a correlation of 0.03, which is near zero, meaning they move largely independently. The past 12 months show a tighter link (0.16) than the 3-year average (0.03). Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is 70.9 %².
Within HSDT's tracked universe of 17 assets, SPY comes in at #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 81.3 points (-60.7% versus +20.6%). Note the risk asymmetry: HSDT runs 12.3 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.
HSDT vs SPY: side by side
| HSDT (Solana Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -60.7% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 177.7% | 14.5% |
| Beta vs S&P 500 | 0.34 | 1.00 |
| Max drawdown (3Y) | -100.0% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 0.0 | – |
| 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 | HSDT | SPY |
|---|---|---|
| 2022 | -94.1% | -18.2% |
| 2023 | -47.6% | +26.2% |
| 2024 | -91.7% | +24.9% |
| 2025 | -99.4% | +17.7% |
| 2026 | -15.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSDT and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between HSDT and SPY?
As of 2026-08-27, the correlation of weekly returns between HSDT and SPY is 0.03 over 3 years, 0.16 over 1 year and 0.12 over 5 years.
Is SPY a good diversifier for HSDT?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
What does a correlation of 0.03 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: HSDT correlations · SPY correlations
