HY vs SPY: Correlation
Measured on weekly returns over the past three years, Hyster-Yale, Inc. (HY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HY and SPY?
Over the past 3 years, HY and SPY moved with a correlation of 0.37, which is moderate. Recent behaviour matches the longer record: 0.32 over 1 year against 0.37 over 3. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 244.0 %².
Out of 14 assets tracked against HY, SPY lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 26.9 percentage points (-6.3% for HY against +20.6% for SPY). Risk is not evenly split, since HY carries 3.2 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.
HY vs SPY: side by side
| HY (Hyster-Yale, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -6.3% | +20.6% |
| 5-year return | -30.4% | +82.4% |
| Volatility (ann.) | 45.8% | 14.5% |
| Beta vs S&P 500 | 1.17 | 1.00 |
| Max drawdown (3Y) | -66.4% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.17% | 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 | HY | SPY |
|---|---|---|
| 2022 | -35.9% | -18.2% |
| 2023 | +153.4% | +26.2% |
| 2024 | -16.3% | +24.9% |
| 2025 | -39.5% | +17.7% |
| 2026 | +19.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HY and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HY and SPY?
As of 2026-08-27, the correlation of weekly returns between HY and SPY is 0.37 over 3 years, 0.32 over 1 year and 0.36 over 5 years.
Is SPY a good diversifier for HY?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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: HY correlations · SPY correlations
