AMN vs SPY: Correlation
Measured on weekly returns over the past three years, AMN Healthcare Services Inc (AMN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.13, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMN and SPY?
Across a 3-year window, the weekly returns of AMN and SPY correlate at 0.13, weak. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. Stretching to 5 years gives 0.21, with an annualized covariance of 110.3 %².
Among the 10 assets we track against AMN, SPY sits near the bottom by co-movement, at rank #6. The last year tells two different stories: AMN led by 53.8 percentage points, +74.4% for AMN against +20.6% for SPY. Risk is not evenly split, since AMN carries 3.9 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.
AMN vs SPY: side by side
| AMN (AMN Healthcare Services Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +74.4% | +20.6% |
| 5-year return | -68.4% | +82.4% |
| Volatility (ann.) | 57.2% | 14.5% |
| Beta vs S&P 500 | 0.53 | 1.00 |
| Max drawdown (3Y) | -83.2% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | 12.7 | – |
| 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 | AMN | SPY |
|---|---|---|
| 2022 | -15.9% | -18.2% |
| 2023 | -27.2% | +26.2% |
| 2024 | -68.1% | +24.9% |
| 2025 | -34.1% | +17.7% |
| 2026 | +122.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMN and SPY good diversifiers for each other?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AMN and SPY?
As of 2026-08-27, the correlation of weekly returns between AMN and SPY is 0.13 over 3 years, 0.23 over 1 year and 0.21 over 5 years.
Is SPY a good diversifier for AMN?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.13 mean?
A reading of 0.13 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: AMN correlations · SPY correlations
