BHC vs SPY: Correlation
Bausch Health Companies Inc. (BHC) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHC and SPY?
Across a 3-year window, the weekly returns of BHC and SPY correlate at 0.20, weak. The relationship has been stable: the 1-year correlation (0.25) sits close to the 3-year figure. Stretching to 5 years gives 0.23, with an annualized covariance of 196.3 %².
Out of 11 assets tracked against BHC, SPY lands near the bottom at #7. The last year tells two different stories: SPY led by 33.9 percentage points, -13.3% for BHC against +20.6% for SPY. Note the risk asymmetry: BHC runs 4.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BHC vs SPY: side by side
| BHC (Bausch Health Companies Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -13.3% | +20.6% |
| 5-year return | -78.4% | +82.4% |
| Volatility (ann.) | 67.6% | 14.5% |
| Beta vs S&P 500 | 0.94 | 1.00 |
| Max drawdown (3Y) | -59.3% | -18.8% |
| Market cap | $2.4B | – |
| 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 | BHC | SPY |
|---|---|---|
| 2022 | -77.3% | -18.2% |
| 2023 | +27.7% | +26.2% |
| 2024 | +0.5% | +24.9% |
| 2025 | -13.8% | +17.7% |
| 2026 | -9.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BHC and SPY?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with 0.25 over the last year and 0.23 over 5 years.
Is SPY a good diversifier for BHC?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.20 mean?
On the −1 to +1 scale, 0.20 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/bhc-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bhc-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BHC correlations · SPY correlations
