HTH vs SPY: Correlation
How closely do Hilltop Holdings Inc. (HTH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTH and SPY?
Over the past 3 years, HTH and SPY moved with a correlation of 0.37, which is moderate. The link has loosened recently: the 1-year correlation (0.15) runs below the 3-year figure (0.37). Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 127.4 %².
Out of 14 assets tracked against HTH, SPY lands near the bottom at #10. On 12-month performance SPY holds a 8.8-point edge, +11.8% against +20.6%. Risk is not evenly split, since HTH carries 1.7 times the volatility of the other side.
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.
HTH vs SPY: side by side
| HTH (Hilltop Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.8% | +20.6% |
| 5-year return | +29.0% | +82.4% |
| Volatility (ann.) | 24.1% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -21.8% | -18.8% |
| Market cap | $2.2B | – |
| P/E (trailing) | 14.3 | – |
| Dividend yield | 1.97% | 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 | HTH | SPY |
|---|---|---|
| 2022 | -12.9% | -18.2% |
| 2023 | +19.8% | +26.2% |
| 2024 | -16.9% | +24.9% |
| 2025 | +21.3% | +17.7% |
| 2026 | +15.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTH and SPY good diversifiers for each other?
Reasonably. At 0.37, HTH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HTH and SPY?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.15 over the last year and 0.44 over 5 years.
Is SPY a good diversifier for HTH?
Reasonably. At 0.37, HTH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HTH correlations · SPY correlations
