HTO vs SPY: Correlation
H2O America (HTO) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.08.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTO and SPY?
Across a 3-year window, the weekly returns of HTO and SPY correlate at 0.08, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.12 versus 0.08 over 3 years. Stretching to 5 years gives 0.21, with an annualized covariance of 29.3 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against HTO. The trailing year gives HTO the advantage: +27.9% versus +20.6%, a 7.3-point spread. Note the risk asymmetry: HTO 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.
HTO vs SPY: side by side
| HTO (H2O America) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.9% | +20.6% |
| 5-year return | +4.2% | +82.4% |
| Volatility (ann.) | 24.2% | 14.5% |
| Beta vs S&P 500 | 0.14 | 1.00 |
| Max drawdown (3Y) | -32.4% | -18.8% |
| Market cap | $2.6B | – |
| P/E (trailing) | 22.5 | – |
| Dividend yield | 2.70% | 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 | HTO | SPY |
|---|---|---|
| 2022 | +13.4% | -18.2% |
| 2023 | -17.8% | +26.2% |
| 2024 | -22.6% | +24.9% |
| 2025 | +2.9% | +17.7% |
| 2026 | +31.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTO and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
FAQ
What is the correlation between HTO and SPY?
Using weekly returns as of 2026-08-27: 0.08 over 3 years, with -0.12 over the last year and 0.21 over 5 years.
Is SPY a good diversifier for HTO?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
What does a correlation of 0.08 mean?
On the −1 to +1 scale, 0.08 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: HTO correlations · SPY correlations
