HUDI vs SPY: Correlation
Measured on weekly returns over the past three years, Huadi International Group Co., Ltd. (HUDI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.20, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HUDI and SPY?
Across a 3-year window, the weekly returns of HUDI and SPY correlate at 0.20, weak. Little has changed lately, as the 1-year reading of 0.22 lands near the 3-year figure. Stretching to 5 years gives -0.04, with an annualized covariance of 163.4 %².
SPY is close to the least connected end of HUDI's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 59.6 percentage points (-39.0% for HUDI against +20.6% for SPY). Note the risk asymmetry: HUDI runs 3.9 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.
HUDI vs SPY: side by side
| HUDI (Huadi International Group Co., Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -39.0% | +20.6% |
| 5-year return | -78.4% | +82.4% |
| Volatility (ann.) | 56.1% | 14.5% |
| Beta vs S&P 500 | 0.78 | 1.00 |
| Max drawdown (3Y) | -83.4% | -18.8% |
| Market cap | – | – |
| 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 | HUDI | SPY |
|---|---|---|
| 2022 | -84.1% | -18.2% |
| 2023 | -40.2% | +26.2% |
| 2024 | -42.9% | +24.9% |
| 2025 | -35.4% | +17.7% |
| 2026 | -24.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HUDI and SPY good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HUDI and SPY?
The HUDI/SPY correlation stands at 0.20 on a 3-year window (1 year: 0.22, 5 years: -0.04), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HUDI?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 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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Hubs: HUDI correlations · SPY correlations
