HYMC vs SPY: Correlation
Measured on weekly returns over the past three years, Hycroft Mining Holding Corporation (HYMC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYMC and SPY?
On 3 years of weekly data the HYMC/SPY correlation comes out at 0.15, weak. The past 12 months show a tighter link (0.28) than the 3-year average (0.15). The 5-year figure is -0.00, and annualized covariance runs at 205.9 %².
SPY is close to the least connected end of HYMC's tracked universe, ranking #8 of 12. Correlation aside, the last 12 months split them widely, with HYMC ahead by 501.9 points (+522.5% versus +20.6%). Risk is not evenly split, since HYMC carries 6.7 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.
HYMC vs SPY: side by side
| HYMC (Hycroft Mining Holding Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +522.5% | +20.6% |
| 5-year return | +28.5% | +82.4% |
| Volatility (ann.) | 96.6% | 14.5% |
| Beta vs S&P 500 | 0.99 | 1.00 |
| Max drawdown (3Y) | -66.9% | -18.8% |
| Market cap | $2.4B | – |
| 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 | HYMC | SPY |
|---|---|---|
| 2022 | -13.4% | -18.2% |
| 2023 | -53.9% | +26.2% |
| 2024 | -9.8% | +24.9% |
| 2025 | +975.6% | +17.7% |
| 2026 | +9.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYMC and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between HYMC and SPY?
As of 2026-08-27, the correlation of weekly returns between HYMC and SPY is 0.15 over 3 years, 0.28 over 1 year and -0.00 over 5 years.
Is SPY a good diversifier for HYMC?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
What does a correlation of 0.15 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: HYMC correlations · SPY correlations
