HCSG vs SPY: Correlation
Healthcare Services Group, Inc. (HCSG) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCSG and SPY?
Across a 3-year window, the weekly returns of HCSG and SPY correlate at 0.29, weak. The link has loosened recently: the 1-year correlation (0.18) runs below the 3-year figure (0.29). Stretching to 5 years gives 0.28, with an annualized covariance of 188.0 %².
Out of 14 assets tracked against HCSG, SPY lands near the bottom at #10. The last year tells two different stories: HCSG led by 26.6 percentage points, +47.2% for HCSG against +20.6% for SPY. Note the risk asymmetry: HCSG runs 3.1 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.
HCSG vs SPY: side by side
| HCSG (Healthcare Services Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +47.2% | +20.6% |
| 5-year return | -6.5% | +82.4% |
| Volatility (ann.) | 44.6% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -27.4% | -18.8% |
| Market cap | $1.6B | – |
| P/E (trailing) | 13.4 | – |
| 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 | HCSG | SPY |
|---|---|---|
| 2022 | -28.7% | -18.2% |
| 2023 | -13.6% | +26.2% |
| 2024 | +12.1% | +24.9% |
| 2025 | +64.5% | +17.7% |
| 2026 | +20.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCSG and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HCSG and SPY?
As of 2026-08-27, the correlation of weekly returns between HCSG and SPY is 0.29 over 3 years, 0.18 over 1 year and 0.28 over 5 years.
Is SPY a good diversifier for HCSG?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 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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Hubs: HCSG correlations · SPY correlations
