HTD vs SPY: Correlation
Measured on weekly returns over the past three years, John Hancock Tax Advantaged Dividend Income Fund (HTD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTD and SPY?
On 3 years of weekly data the HTD/SPY correlation comes out at 0.39, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.26 versus 0.39 over 3 years. The 5-year figure is 0.56, and annualized covariance runs at 89.5 %².
Among the 23 assets we track against HTD, SPY ranks #17 by 3-year correlation. The trailing year gives SPY the advantage: +11.0% versus +20.6%, a 9.6-point spread.
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.
HTD vs SPY: side by side
| HTD (John Hancock Tax Advantaged Dividend Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.0% | +20.6% |
| 5-year return | +50.6% | +82.4% |
| Volatility (ann.) | 15.9% | 14.5% |
| Beta vs S&P 500 | 0.43 | 1.00 |
| Max drawdown (3Y) | -15.7% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 5.3 | – |
| Dividend yield | 7.30% | 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 | HTD | SPY |
|---|---|---|
| 2022 | -6.2% | -18.2% |
| 2023 | -9.9% | +26.2% |
| 2024 | +25.7% | +24.9% |
| 2025 | +15.9% | +17.7% |
| 2026 | +12.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTD and SPY good diversifiers for each other?
Reasonably. At 0.39, HTD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HTD and SPY?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.26 over the last year and 0.56 over 5 years.
Is SPY a good diversifier for HTD?
Reasonably. At 0.39, HTD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 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: HTD correlations · SPY correlations
