HTZ vs SPY: Correlation
How closely do Hertz Global Holdings, Inc (HTZ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTZ and SPY?
Across a 3-year window, the weekly returns of HTZ and SPY correlate at 0.18, weak. The link has tightened recently: the 1-year correlation (0.40) runs above the 3-year figure (0.18). Stretching to 5 years gives 0.24, with an annualized covariance of 265.4 %².
Out of 14 assets tracked against HTZ, SPY lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 85.7 percentage points (-65.1% for HTZ against +20.6% for SPY). Note the risk asymmetry: HTZ runs 7.0 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.
HTZ vs SPY: side by side
| HTZ (Hertz Global Holdings, Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -65.1% | +20.6% |
| 5-year return | -87.9% | +82.4% |
| Volatility (ann.) | 102.2% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -91.2% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | HTZ | SPY |
|---|---|---|
| 2022 | -38.4% | -18.2% |
| 2023 | -32.5% | +26.2% |
| 2024 | -64.8% | +24.9% |
| 2025 | +40.4% | +17.7% |
| 2026 | -60.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTZ and SPY good diversifiers for each other?
Yes. With a correlation of 0.18, HTZ and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HTZ and SPY?
The HTZ/SPY correlation stands at 0.18 on a 3-year window (1 year: 0.40, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HTZ?
Yes. With a correlation of 0.18, HTZ and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.18 mean?
On the −1 to +1 scale, 0.18 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/htz-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/htz-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HTZ correlations · SPY correlations
