ALHC vs SPY: Correlation
Alignment Healthcare, Inc. (ALHC) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.07.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALHC and SPY?
Over the past 3 years, ALHC and SPY moved with a correlation of 0.07, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.12 lands near the 3-year figure. Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 60.5 %².
Among the 15 assets we track against ALHC, SPY ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 36.6 points (-16.0% versus +20.6%). One caveat on sizing: ALHC is 4.1 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.
ALHC vs SPY: side by side
| ALHC (Alignment Healthcare, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -16.0% | +20.6% |
| 5-year return | -25.5% | +82.4% |
| Volatility (ann.) | 59.1% | 14.5% |
| Beta vs S&P 500 | 0.29 | 1.00 |
| Max drawdown (3Y) | -50.3% | -18.8% |
| Market cap | $2.8B | – |
| P/E (trailing) | 75.3 | – |
| 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 | ALHC | SPY |
|---|---|---|
| 2022 | -16.4% | -18.2% |
| 2023 | -26.8% | +26.2% |
| 2024 | +30.7% | +24.9% |
| 2025 | +75.6% | +17.7% |
| 2026 | -31.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALHC and SPY good diversifiers for each other?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ALHC and SPY?
The ALHC/SPY correlation stands at 0.07 on a 3-year window (1 year: 0.12, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ALHC?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.07 mean?
On the −1 to +1 scale, 0.07 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/alhc-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/alhc-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALHC correlations · SPY correlations
