GEHC vs QUAL: Correlation
Measured on weekly returns over the past three years, GE HealthCare (GEHC) and iShares MSCI USA Quality Factor ETF (QUAL) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEHC and QUAL?
On 3 years of weekly data the GEHC/QUAL correlation comes out at 0.61, strong. Recent behaviour matches the longer record: 0.54 over 1 year against 0.61 over 3. The 5-year figure is 0.58, and annualized covariance runs at 276.4 %².
By 3-year correlation, QUAL places #7 of the 52 assets tracked against GEHC. The last year tells two different stories: QUAL led by 21.9 percentage points, -2.2% for GEHC against +19.7% for QUAL. The relationship is regime-dependent: the rolling one-year correlation swung between 0.28 and 0.85 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since GEHC carries 2.3 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.
GEHC vs QUAL: side by side
| GEHC (GE HealthCare) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | -2.2% | +19.7% |
| 5-year return | n/a | +68.0% |
| Volatility (ann.) | 32.4% | 14.0% |
| Beta vs S&P 500 | 1.22 | 0.93 |
| Max drawdown (3Y) | -37.4% | -18.0% |
| Market cap | $32.7B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 0.19% | 0.86% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $46.5B |
| Sector / category | Health Care | ETF · US Style |
QUAL, iShares's Large Blend fund, carries $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Year-by-year returns
| Year | GEHC | QUAL |
|---|---|---|
| 2022 | – | -20.5% |
| 2023 | +32.6% | +30.9% |
| 2024 | +1.3% | +22.3% |
| 2025 | +5.1% | +12.7% |
| 2026 | -11.5% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GEHC and QUAL good diversifiers for each other?
Only partially. A correlation of 0.61 means GEHC and QUAL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GEHC and QUAL?
As of 2026-08-27, the correlation of weekly returns between GEHC and QUAL is 0.61 over 3 years, 0.54 over 1 year and 0.58 over 5 years.
Is QUAL a good diversifier for GEHC?
Only partially. A correlation of 0.61 means GEHC and QUAL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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/gehc-vs-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gehc-vs-qual/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GEHC correlations · QUAL correlations
