HTLD vs SPY: Correlation
How closely do Heartland Express, Inc. (HTLD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTLD and SPY?
On 3 years of weekly data the HTLD/SPY correlation comes out at 0.34, moderate. The link has loosened recently: the 1-year correlation (0.15) runs below the 3-year figure (0.34). The 5-year figure is 0.39, and annualized covariance runs at 174.8 %².
SPY is close to the least connected end of HTLD's tracked universe, ranking #11 of 15. Their recent paths diverged sharply: over the last 12 months HTLD outperformed by 24.9 percentage points (+45.5% for HTLD against +20.6% for SPY). Risk is not evenly split, since HTLD carries 2.4 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.
HTLD vs SPY: side by side
| HTLD (Heartland Express, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +45.5% | +20.6% |
| 5-year return | -24.6% | +82.4% |
| Volatility (ann.) | 35.1% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -55.1% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.64% | 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 | HTLD | SPY |
|---|---|---|
| 2022 | -8.3% | -18.2% |
| 2023 | -6.5% | +26.2% |
| 2024 | -20.8% | +24.9% |
| 2025 | -18.8% | +17.7% |
| 2026 | +37.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTLD and SPY good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HTLD and SPY?
The HTLD/SPY correlation stands at 0.34 on a 3-year window (1 year: 0.15, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HTLD?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 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: HTLD correlations · SPY correlations
