HTB vs SPY: Correlation
How closely do HomeTrust Bancshares, Inc. (HTB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTB and SPY?
Across a 3-year window, the weekly returns of HTB and SPY correlate at 0.46, moderate. The link has loosened recently: the 1-year correlation (0.22) runs below the 3-year figure (0.46). Stretching to 5 years gives 0.40, with an annualized covariance of 180.3 %².
Among the 17 assets we track against HTB, SPY ranks #12 by 3-year correlation. On 12-month performance SPY holds a 7.2-point edge, +13.4% against +20.6%. Note the risk asymmetry: HTB runs 1.9 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.
HTB vs SPY: side by side
| HTB (HomeTrust Bancshares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.4% | +20.6% |
| 5-year return | +81.4% | +82.4% |
| Volatility (ann.) | 27.3% | 14.5% |
| Beta vs S&P 500 | 0.86 | 1.00 |
| Max drawdown (3Y) | -17.7% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 1.13% | 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 | HTB | SPY |
|---|---|---|
| 2022 | -20.9% | -18.2% |
| 2023 | +13.4% | +26.2% |
| 2024 | +27.0% | +24.9% |
| 2025 | +29.1% | +17.7% |
| 2026 | +9.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTB and SPY good diversifiers for each other?
Reasonably. At 0.46, HTB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HTB and SPY?
As of 2026-08-27, the correlation of weekly returns between HTB and SPY is 0.46 over 3 years, 0.22 over 1 year and 0.40 over 5 years.
Is SPY a good diversifier for HTB?
Reasonably. At 0.46, HTB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 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: HTB correlations · SPY correlations
