AHR vs SPY: Correlation
Measured on weekly returns over the past three years, American Healthcare REIT, Inc. (AHR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AHR and SPY?
Across a 3-year window, the weekly returns of AHR and SPY correlate at 0.27, weak. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.27). Stretching to 5 years gives n/a, with an annualized covariance of 105.4 %².
SPY is close to the least connected end of AHR's tracked universe, ranking #7 of 11. The trailing year gives AHR the advantage: +35.0% versus +20.6%, a 14.4-point spread. Risk is not evenly split, since AHR carries 1.9 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.
AHR vs SPY: side by side
| AHR (American Healthcare REIT, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.0% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 26.9% | 14.5% |
| Beta vs S&P 500 | 0.50 | 1.00 |
| Max drawdown (3Y) | -13.6% | -18.8% |
| Market cap | $12.3B | – |
| P/E (trailing) | 84.3 | – |
| Dividend yield | 1.75% | 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 | AHR | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +70.0% | +17.7% |
| 2026 | +21.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AHR and SPY good diversifiers for each other?
Reasonably. At 0.27, AHR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AHR and SPY?
As of 2026-08-27, the correlation of weekly returns between AHR and SPY is 0.27 over 3 years, 0.12 over 1 year and n/a over 5 years.
Is SPY a good diversifier for AHR?
Reasonably. At 0.27, AHR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ahr-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ahr-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AHR correlations · SPY correlations
