CHE vs SPY: Correlation
Chemed Corp (CHE) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHE and SPY?
Over the past 3 years, CHE and SPY moved with a correlation of 0.12, which is weak. The relationship has been stable: the 1-year correlation (0.07) sits close to the 3-year figure. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 43.9 %².
Within CHE's tracked universe of 16 assets, SPY comes in at #7 by 3-year correlation. The trailing year gives SPY the advantage: +14.9% versus +20.6%, a 5.7-point spread. One caveat on sizing: CHE is 1.8 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.
CHE vs SPY: side by side
| CHE (Chemed Corp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.9% | +20.6% |
| 5-year return | +12.2% | +82.4% |
| Volatility (ann.) | 26.0% | 14.5% |
| Beta vs S&P 500 | 0.21 | 1.00 |
| Max drawdown (3Y) | -42.9% | -18.8% |
| Market cap | $6.8B | – |
| P/E (trailing) | 27.6 | – |
| Dividend yield | 0.44% | 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 | CHE | SPY |
|---|---|---|
| 2022 | -3.2% | -18.2% |
| 2023 | +14.9% | +26.2% |
| 2024 | -9.1% | +24.9% |
| 2025 | -18.9% | +17.7% |
| 2026 | +22.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHE and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between CHE and SPY?
As of 2026-08-27, the correlation of weekly returns between CHE and SPY is 0.12 over 3 years, 0.07 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for CHE?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
A reading of 0.12 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: CHE correlations · SPY correlations
