GH vs SPY: Correlation
How closely do Guardant Health, Inc. (GH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GH and SPY?
Across a 3-year window, the weekly returns of GH and SPY correlate at 0.32, moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.32). Stretching to 5 years gives 0.38, with an annualized covariance of 300.4 %².
Out of 12 assets tracked against GH, SPY lands near the bottom at #8. The last year tells two different stories: GH led by 144.8 percentage points, +165.4% for GH against +20.6% for SPY. Note the risk asymmetry: GH runs 4.5 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.
GH vs SPY: side by side
| GH (Guardant Health, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +165.4% | +20.6% |
| 5-year return | +33.5% | +82.4% |
| Volatility (ann.) | 64.9% | 14.5% |
| Beta vs S&P 500 | 1.44 | 1.00 |
| Max drawdown (3Y) | -59.8% | -18.8% |
| Market cap | $22.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | GH | SPY |
|---|---|---|
| 2022 | -72.8% | -18.2% |
| 2023 | -0.6% | +26.2% |
| 2024 | +12.9% | +24.9% |
| 2025 | +234.3% | +17.7% |
| 2026 | +65.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GH and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GH and SPY?
As of 2026-08-27, the correlation of weekly returns between GH and SPY is 0.32 over 3 years, 0.17 over 1 year and 0.38 over 5 years.
Is SPY a good diversifier for GH?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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: GH correlations · SPY correlations
