JHX vs SPY: Correlation
How closely do James Hardie Industries plc. (JHX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JHX and SPY?
On 3 years of weekly data the JHX/SPY correlation comes out at 0.45, moderate. The past 12 months show a weaker link (0.33) than the 3-year average (0.45). The 5-year figure is 0.52, and annualized covariance runs at 299.1 %².
Within JHX'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 JHX ahead by 25.5 points (+46.1% versus +20.6%). One caveat on sizing: JHX is 3.2 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.
JHX vs SPY: side by side
| JHX (James Hardie Industries plc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +46.1% | +20.6% |
| 5-year return | -21.2% | +82.4% |
| Volatility (ann.) | 46.3% | 14.5% |
| Beta vs S&P 500 | 1.43 | 1.00 |
| Max drawdown (3Y) | -60.3% | -18.8% |
| Market cap | $17.3B | – |
| P/E (trailing) | 135.3 | – |
| 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 | JHX | SPY |
|---|---|---|
| 2022 | -55.4% | -18.2% |
| 2023 | +115.6% | +26.2% |
| 2024 | -20.3% | +24.9% |
| 2025 | -32.7% | +17.7% |
| 2026 | +43.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JHX and SPY good diversifiers for each other?
Reasonably. At 0.45, JHX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between JHX and SPY?
The JHX/SPY correlation stands at 0.45 on a 3-year window (1 year: 0.33, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for JHX?
Reasonably. At 0.45, JHX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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: JHX correlations · SPY correlations
