JBHT vs SPY: Correlation
J.B. Hunt (JBHT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBHT and SPY?
Over the past 3 years, JBHT and SPY moved with a correlation of 0.45, which is moderate. The link has loosened recently: the 1-year correlation (0.22) runs below the 3-year figure (0.45). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 193.7 %².
Within JBHT's tracked universe of 36 assets, SPY comes in at #24 by 3-year correlation. The last year tells two different stories: JBHT led by 61.5 percentage points, +82.1% for JBHT against +20.6% for SPY. On a rolling one-year basis the correlation drifted between 0.22 and 0.67, a moderate band. Note the risk asymmetry: JBHT runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
JBHT vs SPY: side by side
| JBHT (J.B. Hunt) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +82.1% | +20.6% |
| 5-year return | +51.0% | +82.4% |
| Volatility (ann.) | 30.0% | 14.5% |
| Beta vs S&P 500 | 0.93 | 1.00 |
| Max drawdown (3Y) | -42.4% | -18.8% |
| Market cap | $24.7B | – |
| P/E (trailing) | 37.5 | – |
| Dividend yield | 0.68% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | JBHT | SPY |
|---|---|---|
| 2022 | -13.9% | -18.2% |
| 2023 | +15.6% | +26.2% |
| 2024 | -13.8% | +24.9% |
| 2025 | +15.2% | +17.7% |
| 2026 | +36.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JBHT and SPY good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between JBHT and SPY?
The JBHT/SPY correlation stands at 0.45 on a 3-year window (1 year: 0.22, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for JBHT?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
A reading of 0.45 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: JBHT correlations · SPY correlations
