IHT vs SPY: Correlation
How closely do InnSuites Hospitality Trust Shares of Beneficial Interest (IHT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.02, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IHT and SPY?
Over the past 3 years, IHT and SPY moved with a correlation of 0.02, which is near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.28 versus 0.02 over 3 years. Over 5 years the correlation is -0.00, and the annualized covariance of weekly returns is 15.4 %².
Within IHT's tracked universe of 20 assets, SPY comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 54.4 percentage points (-33.8% for IHT against +20.6% for SPY). Risk is not evenly split, since IHT carries 3.8 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.
IHT vs SPY: side by side
| IHT (InnSuites Hospitality Trust Shares of Beneficial Interest) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -33.8% | +20.6% |
| 5-year return | -63.6% | +82.4% |
| Volatility (ann.) | 55.0% | 14.5% |
| Beta vs S&P 500 | 0.07 | 1.00 |
| Max drawdown (3Y) | -69.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.44% | 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 | IHT | SPY |
|---|---|---|
| 2022 | -22.9% | -18.2% |
| 2023 | +2.3% | +26.2% |
| 2024 | +29.5% | +24.9% |
| 2025 | -37.4% | +17.7% |
| 2026 | -3.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IHT and SPY good diversifiers for each other?
Yes. With a correlation of 0.02, IHT and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IHT and SPY?
As of 2026-08-27, the correlation of weekly returns between IHT and SPY is 0.02 over 3 years, 0.28 over 1 year and -0.00 over 5 years.
Is SPY a good diversifier for IHT?
Yes. With a correlation of 0.02, IHT and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.02 mean?
On the −1 to +1 scale, 0.02 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: IHT correlations · SPY correlations
