HXL vs SPY: Correlation
How closely do Hexcel Corporation (HXL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HXL and SPY?
On 3 years of weekly data the HXL/SPY correlation comes out at 0.55, moderate. The past 12 months show a weaker link (0.33) than the 3-year average (0.55). The 5-year figure is 0.58, and annualized covariance runs at 240.0 %².
SPY is close to the least connected end of HXL's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months HXL outperformed by 29.5 percentage points (+50.1% for HXL against +20.6% for SPY). Note the risk asymmetry: HXL runs 2.1 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.
HXL vs SPY: side by side
| HXL (Hexcel Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +50.1% | +20.6% |
| 5-year return | +74.4% | +82.4% |
| Volatility (ann.) | 30.4% | 14.5% |
| Beta vs S&P 500 | 1.15 | 1.00 |
| Max drawdown (3Y) | -37.8% | -18.8% |
| Market cap | $7.2B | – |
| P/E (trailing) | 47.8 | – |
| Dividend yield | 0.74% | 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 | HXL | SPY |
|---|---|---|
| 2022 | +14.4% | -18.2% |
| 2023 | +26.2% | +26.2% |
| 2024 | -14.2% | +24.9% |
| 2025 | +19.2% | +17.7% |
| 2026 | +28.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HXL and SPY good diversifiers for each other?
Only partially. A correlation of 0.55 means HXL and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HXL and SPY?
The HXL/SPY correlation stands at 0.55 on a 3-year window (1 year: 0.33, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HXL?
Only partially. A correlation of 0.55 means HXL and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: HXL correlations · SPY correlations
