HWBK vs SPY: Correlation
Measured on weekly returns over the past three years, Hawthorn Bancshares, Inc. (HWBK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWBK and SPY?
Over the past 3 years, HWBK and SPY moved with a correlation of 0.22, which is weak. Recent behaviour matches the longer record: 0.13 over 1 year against 0.22 over 3. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 105.3 %².
Within HWBK's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. Their 12-month results are close: +21.4% for HWBK against +20.6% for SPY. Risk is not evenly split, since HWBK carries 2.3 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.
HWBK vs SPY: side by side
| HWBK (Hawthorn Bancshares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.4% | +20.6% |
| 5-year return | +114.2% | +82.4% |
| Volatility (ann.) | 33.4% | 14.5% |
| Beta vs S&P 500 | 0.50 | 1.00 |
| Max drawdown (3Y) | -27.9% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 10.6 | – |
| Dividend yield | 2.10% | 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 | HWBK | SPY |
|---|---|---|
| 2022 | -10.3% | -18.2% |
| 2023 | +25.6% | +26.2% |
| 2024 | +15.4% | +24.9% |
| 2025 | +26.3% | +17.7% |
| 2026 | +13.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWBK and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HWBK and SPY?
The HWBK/SPY correlation stands at 0.22 on a 3-year window (1 year: 0.13, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HWBK?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 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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Hubs: HWBK correlations · SPY correlations
