DHC vs SPY: Correlation
Diversified Healthcare Trust (DHC) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.14.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHC and SPY?
Across a 3-year window, the weekly returns of DHC and SPY correlate at 0.14, weak. The relationship has been stable: the 1-year correlation (0.06) sits close to the 3-year figure. Stretching to 5 years gives 0.23, with an annualized covariance of 112.7 %².
Out of 11 assets tracked against DHC, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with DHC ahead by 87.3 points (+107.9% versus +20.6%). Risk is not evenly split, since DHC carries 4.0 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.
DHC vs SPY: side by side
| DHC (Diversified Healthcare Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +107.9% | +20.6% |
| 5-year return | +129.1% | +82.4% |
| Volatility (ann.) | 57.3% | 14.5% |
| Beta vs S&P 500 | 0.54 | 1.00 |
| Max drawdown (3Y) | -51.2% | -18.8% |
| Market cap | $1.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.50% | 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 | DHC | SPY |
|---|---|---|
| 2022 | -78.5% | -18.2% |
| 2023 | +494.7% | +26.2% |
| 2024 | -37.6% | +24.9% |
| 2025 | +113.9% | +17.7% |
| 2026 | +62.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHC and SPY good diversifiers for each other?
Yes. With a correlation of 0.14, DHC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DHC and SPY?
As of 2026-08-27, the correlation of weekly returns between DHC and SPY is 0.14 over 3 years, 0.06 over 1 year and 0.23 over 5 years.
Is SPY a good diversifier for DHC?
Yes. With a correlation of 0.14, DHC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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.
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Related comparisons
Hubs: DHC correlations · SPY correlations
