HUBS vs SPY: Correlation
HubSpot, Inc. (HUBS) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HUBS and SPY?
Over the past 3 years, HUBS and SPY moved with a correlation of 0.34, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.34 over 3 years. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 247.2 %².
Among the 30 assets we track against HUBS, SPY ranks #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 66.1 percentage points (-45.5% for HUBS against +20.6% for SPY). One caveat on sizing: HUBS is 3.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HUBS vs SPY: side by side
| HUBS (HubSpot, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -45.5% | +20.6% |
| 5-year return | -63.5% | +82.4% |
| Volatility (ann.) | 50.4% | 14.5% |
| Beta vs S&P 500 | 1.18 | 1.00 |
| Max drawdown (3Y) | -79.2% | -18.8% |
| Market cap | $13.1B | – |
| P/E (trailing) | 90.7 | – |
| 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 | HUBS | SPY |
|---|---|---|
| 2022 | -56.1% | -18.2% |
| 2023 | +100.8% | +26.2% |
| 2024 | +20.0% | +24.9% |
| 2025 | -42.4% | +17.7% |
| 2026 | -36.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HUBS and SPY good diversifiers for each other?
Reasonably. At 0.34, HUBS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HUBS and SPY?
As of 2026-08-27, the correlation of weekly returns between HUBS and SPY is 0.34 over 3 years, 0.09 over 1 year and 0.48 over 5 years.
Is SPY a good diversifier for HUBS?
Reasonably. At 0.34, HUBS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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: HUBS correlations · SPY correlations
