HST vs SPY: Correlation
Host Hotels & Resorts (HST) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HST and SPY?
On 3 years of weekly data the HST/SPY correlation comes out at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.02) runs below the 3-year figure (0.47). The 5-year figure is 0.55, and annualized covariance runs at 163.4 %².
Within HST's tracked universe of 37 assets, SPY comes in at #23 by 3-year correlation. The last year tells two different stories: HST led by 18.6 percentage points, +39.2% for HST against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between 0.02 and 0.70 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: HST runs 1.7 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.
HST vs SPY: side by side
| HST (Host Hotels & Resorts) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +39.2% | +20.6% |
| 5-year return | +73.4% | +82.4% |
| Volatility (ann.) | 24.2% | 14.5% |
| Beta vs S&P 500 | 0.78 | 1.00 |
| Max drawdown (3Y) | -36.0% | -18.8% |
| Market cap | $15.5B | – |
| P/E (trailing) | 15.1 | – |
| Dividend yield | 3.57% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | HST | SPY |
|---|---|---|
| 2022 | -4.6% | -18.2% |
| 2023 | +27.6% | +26.2% |
| 2024 | -5.5% | +24.9% |
| 2025 | +7.2% | +17.7% |
| 2026 | +32.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HST and SPY good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HST and SPY?
The HST/SPY correlation stands at 0.47 on a 3-year window (1 year: 0.02, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HST?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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: HST correlations · SPY correlations
