IHD vs SPY: Correlation
How closely do Voya Emerging Markets High Income Dividend Equity Fund (IHD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IHD and SPY?
On 3 years of weekly data the IHD/SPY correlation comes out at 0.57, moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.57 over 3. The 5-year figure is 0.53, and annualized covariance runs at 136.2 %².
Within IHD's tracked universe of 13 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IHD ahead by 21.6 points (+42.2% versus +20.6%).
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.
IHD vs SPY: side by side
| IHD (Voya Emerging Markets High Income Dividend Equity Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +42.2% | +20.6% |
| 5-year return | +78.4% | +82.4% |
| Volatility (ann.) | 16.6% | 14.5% |
| Beta vs S&P 500 | 0.65 | 1.00 |
| Max drawdown (3Y) | -14.3% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 3.1 | – |
| 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 | IHD | SPY |
|---|---|---|
| 2022 | -17.2% | -18.2% |
| 2023 | +13.9% | +26.2% |
| 2024 | +6.7% | +24.9% |
| 2025 | +40.3% | +17.7% |
| 2026 | +29.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IHD and SPY good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IHD and SPY?
The IHD/SPY correlation stands at 0.57 on a 3-year window (1 year: 0.52, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for IHD?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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: IHD correlations · SPY correlations
