HYLN vs SPY: Correlation
Hyliion Holdings Corp. (HYLN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYLN and SPY?
Over the past 3 years, HYLN and SPY moved with a correlation of 0.32, which is moderate. The relationship has been stable: the 1-year correlation (0.28) sits close to the 3-year figure. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 496.1 %².
Among the 14 assets we track against HYLN, SPY sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with HYLN ahead by 81.2 points (+101.8% versus +20.6%). One caveat on sizing: HYLN is 7.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HYLN vs SPY: side by side
| HYLN (Hyliion Holdings Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +101.8% | +20.6% |
| 5-year return | -60.9% | +82.4% |
| Volatility (ann.) | 108.2% | 14.5% |
| Beta vs S&P 500 | 2.37 | 1.00 |
| Max drawdown (3Y) | -70.3% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | HYLN | SPY |
|---|---|---|
| 2022 | -62.3% | -18.2% |
| 2023 | -65.2% | +26.2% |
| 2024 | +220.6% | +24.9% |
| 2025 | -29.5% | +17.7% |
| 2026 | +85.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYLN and SPY good diversifiers for each other?
Reasonably. At 0.32, HYLN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HYLN and SPY?
The HYLN/SPY correlation stands at 0.32 on a 3-year window (1 year: 0.28, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HYLN?
Reasonably. At 0.32, HYLN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 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: HYLN correlations · SPY correlations
