HWC vs SPY: Correlation
Measured on weekly returns over the past three years, Hancock Whitney Corporation (HWC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWC and SPY?
Over the past 3 years, HWC and SPY moved with a correlation of 0.48, which is moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.48). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 215.0 %².
Among the 34 assets we track against HWC, SPY ranks #29 by 3-year correlation. Their 12-month results are close: +21.6% for HWC against +20.6% for SPY. Risk is not evenly split, since HWC carries 2.1 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.
HWC vs SPY: side by side
| HWC (Hancock Whitney Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.6% | +20.6% |
| 5-year return | +89.0% | +82.4% |
| Volatility (ann.) | 30.7% | 14.5% |
| Beta vs S&P 500 | 1.03 | 1.00 |
| Max drawdown (3Y) | -23.9% | -18.8% |
| Market cap | $6.0B | – |
| P/E (trailing) | 14.7 | – |
| Dividend yield | 2.53% | 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 | HWC | SPY |
|---|---|---|
| 2022 | -1.2% | -18.2% |
| 2023 | +3.3% | +26.2% |
| 2024 | +16.1% | +24.9% |
| 2025 | +20.0% | +17.7% |
| 2026 | +19.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWC and SPY good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HWC and SPY?
As of 2026-08-27, the correlation of weekly returns between HWC and SPY is 0.48 over 3 years, 0.20 over 1 year and 0.49 over 5 years.
Is SPY a good diversifier for HWC?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 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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Related comparisons
Hubs: HWC correlations · SPY correlations
