GEHC vs SPYV: Correlation
Measured on weekly returns over the past three years, GE HealthCare (GEHC) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEHC and SPYV?
Over the past 3 years, GEHC and SPYV moved with a correlation of 0.63, which is strong. The past 12 months show a weaker link (0.48) than the 3-year average (0.63). Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 246.9 %².
Few assets follow GEHC as closely as SPYV, which ranks #3 of 52 tracked partners. The last year tells two different stories: SPYV led by 20.7 percentage points, -2.2% for GEHC against +18.5% for SPYV. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.33 to 0.85. Note the risk asymmetry: GEHC runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SPYV: side by side
| GEHC (GE HealthCare) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | -2.2% | +18.5% |
| 5-year return | n/a | +73.5% |
| Volatility (ann.) | 32.4% | 12.1% |
| Beta vs S&P 500 | 1.22 | 0.70 |
| Max drawdown (3Y) | -37.4% | -17.5% |
| Market cap | $32.7B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 0.19% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Health Care | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | GEHC | SPYV |
|---|---|---|
| 2022 | – | -5.3% |
| 2023 | +32.6% | +22.2% |
| 2024 | +1.3% | +12.2% |
| 2025 | +5.1% | +13.2% |
| 2026 | -11.5% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
GEHC represents 0.11% of SPYV's portfolio, so part of any move in SPYV is GEHC itself, and the correlation between them is partly mechanical.
Are GEHC and SPYV good diversifiers for each other?
Only partially. A correlation of 0.63 means GEHC and SPYV 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 SPYV?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.48 over the last year and 0.60 over 5 years.
Is SPYV a good diversifier for GEHC?
Only partially. A correlation of 0.63 means GEHC and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
On the −1 to +1 scale, 0.63 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-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gehc-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GEHC correlations · SPYV correlations
