ASTH vs SPY: Correlation
Astrana Health Inc. (ASTH) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASTH and SPY?
On 3 years of weekly data the ASTH/SPY correlation comes out at 0.29, weak. The relationship has been stable: the 1-year correlation (0.22) sits close to the 3-year figure. The 5-year figure is 0.32, and annualized covariance runs at 241.0 %².
Within ASTH's tracked universe of 15 assets, SPY comes in at #9 by 3-year correlation. Neither side won the trailing year by much: +23.1% against +20.6%. One caveat on sizing: ASTH is 3.9 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.
ASTH vs SPY: side by side
| ASTH (Astrana Health Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +23.1% | +20.6% |
| 5-year return | -46.1% | +82.4% |
| Volatility (ann.) | 56.8% | 14.5% |
| Beta vs S&P 500 | 1.15 | 1.00 |
| Max drawdown (3Y) | -71.0% | -18.8% |
| Market cap | $1.9B | – |
| P/E (trailing) | 47.4 | – |
| 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 | ASTH | SPY |
|---|---|---|
| 2022 | -59.7% | -18.2% |
| 2023 | +29.4% | +26.2% |
| 2024 | -17.7% | +24.9% |
| 2025 | -21.3% | +17.7% |
| 2026 | +54.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASTH and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ASTH and SPY?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.22 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for ASTH?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
A reading of 0.29 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: ASTH correlations · SPY correlations
