QH vs SPY: Correlation
Measured on weekly returns over the past three years, Quhuo Limited - Class A (QH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QH and SPY?
Across a 3-year window, the weekly returns of QH and SPY correlate at 0.06, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.09 over 1 year against 0.06 over 3. Stretching to 5 years gives 0.06, with an annualized covariance of 1206.4 %².
By 3-year correlation, SPY places #18 of the 40 assets tracked against QH. The last year tells two different stories: SPY led by 28.7 percentage points, -8.1% for QH against +20.6% for SPY. One caveat on sizing: QH is 93.8 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.
QH vs SPY: side by side
| QH (Quhuo Limited - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -8.1% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 1360.1% | 14.5% |
| Beta vs S&P 500 | 5.77 | 1.00 |
| Max drawdown (3Y) | -100.0% | -18.8% |
| Market cap | – | – |
| 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 | QH | SPY |
|---|---|---|
| 2022 | -98.9% | -18.2% |
| 2023 | +22.5% | +26.2% |
| 2024 | -0.7% | +24.9% |
| 2025 | -99.2% | +17.7% |
| 2026 | +290.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QH and SPY good diversifiers for each other?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QH and SPY?
Using weekly returns as of 2026-08-27: 0.06 over 3 years, with 0.09 over the last year and 0.06 over 5 years.
Is SPY a good diversifier for QH?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.06 mean?
A reading of 0.06 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: QH correlations · SPY correlations
