HWKN vs SPY: Correlation
How closely do Hawkins, Inc. (HWKN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWKN and SPY?
Over the past 3 years, HWKN and SPY moved with a correlation of 0.24, which is weak. The past 12 months show a weaker link (0.01) than the 3-year average (0.24). Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 135.6 %².
Out of 10 assets tracked against HWKN, SPY lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 52.1 percentage points (-31.5% for HWKN against +20.6% for SPY). Risk is not evenly split, since HWKN carries 2.6 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.
HWKN vs SPY: side by side
| HWKN (Hawkins, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -31.5% | +20.6% |
| 5-year return | +226.8% | +82.4% |
| Volatility (ann.) | 38.4% | 14.5% |
| Beta vs S&P 500 | 0.65 | 1.00 |
| Max drawdown (3Y) | -35.9% | -18.8% |
| Market cap | $2.5B | – |
| P/E (trailing) | 30.8 | – |
| Dividend yield | 0.64% | 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 | HWKN | SPY |
|---|---|---|
| 2022 | -0.8% | -18.2% |
| 2023 | +84.7% | +26.2% |
| 2024 | +75.5% | +24.9% |
| 2025 | +16.5% | +17.7% |
| 2026 | -16.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWKN and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HWKN and SPY?
The HWKN/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.01, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HWKN?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
A reading of 0.24 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: HWKN correlations · SPY correlations
