HCA vs SPY: Correlation
Measured on weekly returns over the past three years, HCA Healthcare (HCA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCA and SPY?
Over the past 3 years, HCA and SPY moved with a correlation of 0.23, which is weak. Little has changed lately, as the 1-year reading of 0.13 lands near the 3-year figure. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 88.3 %².
Within HCA's tracked universe of 32 assets, SPY comes in at #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 16.4 percentage points (+4.2% for HCA against +20.6% for SPY). This link changes with the market regime, having swung between 0.05 and 0.60 on a rolling one-year basis. Risk is not evenly split, since HCA carries 1.9 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.
HCA vs SPY: side by side
| HCA (HCA Healthcare) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.2% | +20.6% |
| 5-year return | +72.5% | +82.4% |
| Volatility (ann.) | 26.9% | 14.5% |
| Beta vs S&P 500 | 0.42 | 1.00 |
| Max drawdown (3Y) | -33.6% | -18.8% |
| Market cap | $90.8B | – |
| P/E (trailing) | 14.1 | – |
| Dividend yield | 0.70% | 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 | HCA | SPY |
|---|---|---|
| 2022 | -5.6% | -18.2% |
| 2023 | +13.8% | +26.2% |
| 2024 | +11.8% | +24.9% |
| 2025 | +56.7% | +17.7% |
| 2026 | -9.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
HCA represents 0.1% of SPY's portfolio, so part of any move in SPY is HCA itself, and the correlation between them is partly mechanical.
Are HCA and SPY good diversifiers for each other?
Reasonably. At 0.23, HCA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HCA and SPY?
As of 2026-08-27, the correlation of weekly returns between HCA and SPY is 0.23 over 3 years, 0.13 over 1 year and 0.41 over 5 years.
Is SPY a good diversifier for HCA?
Reasonably. At 0.23, HCA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 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: HCA correlations · SPY correlations
