CAH vs SPY: Correlation
How closely do Cardinal Health (CAH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAH and SPY?
On 3 years of weekly data the CAH/SPY correlation comes out at 0.18, weak. The link has loosened recently: the 1-year correlation (-0.01) runs below the 3-year figure (0.18). The 5-year figure is 0.32, and annualized covariance runs at 64.6 %².
Within CAH's tracked universe of 32 assets, SPY comes in at #20 by 3-year correlation. The last year tells two different stories: CAH led by 38.6 percentage points, +59.2% for CAH against +20.6% for SPY. This link changes with the market regime, having swung between -0.07 and 0.54 on a rolling one-year basis. Note the risk asymmetry: CAH runs 1.7 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.
CAH vs SPY: side by side
| CAH (Cardinal Health) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +59.2% | +20.6% |
| 5-year return | +409.0% | +82.4% |
| Volatility (ann.) | 24.2% | 14.5% |
| Beta vs S&P 500 | 0.31 | 1.00 |
| Max drawdown (3Y) | -20.4% | -18.8% |
| Market cap | $54.7B | – |
| P/E (trailing) | 33.0 | – |
| Dividend yield | 0.86% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | CAH | SPY |
|---|---|---|
| 2022 | +54.1% | -18.2% |
| 2023 | +34.1% | +26.2% |
| 2024 | +19.0% | +24.9% |
| 2025 | +76.3% | +17.7% |
| 2026 | +15.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CAH represents 0.08% of SPY's portfolio, so part of any move in SPY is CAH itself, and the correlation between them is partly mechanical.
Are CAH and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between CAH and SPY?
The CAH/SPY correlation stands at 0.18 on a 3-year window (1 year: -0.01, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CAH?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
What does a correlation of 0.18 mean?
A reading of 0.18 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cah-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cah-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAH correlations · SPY correlations
