AHCO vs SPY: Correlation
Measured on weekly returns over the past three years, AdaptHealth Corp. (AHCO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.09, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AHCO and SPY?
Over the past 3 years, AHCO and SPY moved with a correlation of 0.09, which is near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.23) runs below the 3-year figure (0.09). Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 83.3 %².
Among the 21 assets we track against AHCO, SPY ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 57.6 percentage points (-37.0% for AHCO against +20.6% for SPY). Risk is not evenly split, since AHCO carries 4.3 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.
AHCO vs SPY: side by side
| AHCO (AdaptHealth Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -37.0% | +20.6% |
| 5-year return | -75.6% | +82.4% |
| Volatility (ann.) | 62.0% | 14.5% |
| Beta vs S&P 500 | 0.40 | 1.00 |
| Max drawdown (3Y) | -61.0% | -18.8% |
| Market cap | $0.8B | – |
| 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 | AHCO | SPY |
|---|---|---|
| 2022 | -21.4% | -18.2% |
| 2023 | -62.1% | +26.2% |
| 2024 | +30.6% | +24.9% |
| 2025 | +4.6% | +17.7% |
| 2026 | -41.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AHCO and SPY good diversifiers for each other?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AHCO and SPY?
Using weekly returns as of 2026-08-27: 0.09 over 3 years, with -0.23 over the last year and 0.21 over 5 years.
Is SPY a good diversifier for AHCO?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.09 mean?
A reading of 0.09 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: AHCO correlations · SPY correlations
