EHC vs SPY: Correlation
How closely do Encompass Health Corporation (EHC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EHC and SPY?
Across a 3-year window, the weekly returns of EHC and SPY correlate at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.24 versus 0.36 over 3 years. Stretching to 5 years gives 0.39, with an annualized covariance of 127.2 %².
Out of 15 assets tracked against EHC, SPY lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 23.2 percentage points (-2.6% for EHC against +20.6% for SPY). Risk is not evenly split, since EHC carries 1.7 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.
EHC vs SPY: side by side
| EHC (Encompass Health Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.6% | +20.6% |
| 5-year return | +101.2% | +82.4% |
| Volatility (ann.) | 24.5% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -26.1% | -18.8% |
| Market cap | $11.8B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 0.63% | 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 | EHC | SPY |
|---|---|---|
| 2022 | +17.0% | -18.2% |
| 2023 | +12.6% | +26.2% |
| 2024 | +39.2% | +24.9% |
| 2025 | +15.7% | +17.7% |
| 2026 | +13.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EHC and SPY good diversifiers for each other?
Reasonably. At 0.36, EHC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EHC and SPY?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.24 over the last year and 0.39 over 5 years.
Is SPY a good diversifier for EHC?
Reasonably. At 0.36, EHC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 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: EHC correlations · SPY correlations
