GEHC vs SPY: Correlation
GE HealthCare (GEHC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEHC and SPY?
Across a 3-year window, the weekly returns of GEHC and SPY correlate at 0.55, moderate. The link has loosened recently: the 1-year correlation (0.33) runs below the 3-year figure (0.55). Stretching to 5 years gives 0.53, with an annualized covariance of 255.6 %².
By 3-year correlation, SPY places #18 of the 52 assets tracked against GEHC. Correlation aside, the last 12 months split them widely, with SPY ahead by 22.8 points (-2.2% versus +20.6%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.20 and 0.81 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: GEHC is 2.2 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.
GEHC vs SPY: side by side
| GEHC (GE HealthCare) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.2% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 32.4% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -37.4% | -18.8% |
| Market cap | $32.7B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 0.19% | 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 | GEHC | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +32.6% | +26.2% |
| 2024 | +1.3% | +24.9% |
| 2025 | +5.1% | +17.7% |
| 2026 | -11.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
GEHC represents 0.05% of SPY's portfolio, so part of any move in SPY is GEHC itself, and the correlation between them is partly mechanical.
Are GEHC and SPY good diversifiers for each other?
Only partially. A correlation of 0.55 means GEHC and SPY 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 SPY?
The GEHC/SPY correlation stands at 0.55 on a 3-year window (1 year: 0.33, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GEHC?
Only partially. A correlation of 0.55 means GEHC and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: GEHC correlations · SPY correlations
