HUBB vs SPY: Correlation
Hubbell Incorporated (HUBB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HUBB and SPY?
Over the past 3 years, HUBB and SPY moved with a correlation of 0.56, which is moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.56). Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 229.5 %².
By 3-year correlation, SPY places #21 of the 36 assets tracked against HUBB. Over the last 12 months SPY came out ahead by 13.9 percentage points (+6.7% against +20.6%). This link changes with the market regime, having swung between 0.24 and 0.77 on a rolling one-year basis. Risk is not evenly split, since HUBB carries 2.0 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.
HUBB vs SPY: side by side
| HUBB (Hubbell Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.7% | +20.6% |
| 5-year return | +142.6% | +82.4% |
| Volatility (ann.) | 28.3% | 14.5% |
| Beta vs S&P 500 | 1.10 | 1.00 |
| Max drawdown (3Y) | -32.6% | -18.8% |
| Market cap | $24.8B | – |
| P/E (trailing) | 27.9 | – |
| Dividend yield | 1.18% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | HUBB | SPY |
|---|---|---|
| 2022 | +15.1% | -18.2% |
| 2023 | +42.4% | +26.2% |
| 2024 | +28.9% | +24.9% |
| 2025 | +7.4% | +17.7% |
| 2026 | +6.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HUBB and SPY good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HUBB and SPY?
The HUBB/SPY correlation stands at 0.56 on a 3-year window (1 year: 0.31, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HUBB?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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: HUBB correlations · SPY correlations
