HSIC vs SPY: Correlation
Henry Schein (HSIC) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSIC and SPY?
Across a 3-year window, the weekly returns of HSIC and SPY correlate at 0.19, weak. The past 12 months show a weaker link (0.08) than the 3-year average (0.19). Stretching to 5 years gives 0.37, with an annualized covariance of 68.1 %².
By 3-year correlation, SPY places #22 of the 34 assets tracked against HSIC. The trailing year gives HSIC the advantage: +30.9% versus +20.6%, a 10.3-point spread. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.07 to 0.60. Note the risk asymmetry: HSIC runs 1.7 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.
HSIC vs SPY: side by side
| HSIC (Henry Schein) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +30.9% | +20.6% |
| 5-year return | +20.1% | +82.4% |
| Volatility (ann.) | 25.2% | 14.5% |
| Beta vs S&P 500 | 0.33 | 1.00 |
| Max drawdown (3Y) | -24.3% | -18.8% |
| Market cap | $10.1B | – |
| P/E (trailing) | 26.3 | – |
| Dividend yield | 0.00% | 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 | HSIC | SPY |
|---|---|---|
| 2022 | +3.0% | -18.2% |
| 2023 | -5.2% | +26.2% |
| 2024 | -8.6% | +24.9% |
| 2025 | +9.2% | +17.7% |
| 2026 | +19.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSIC and SPY good diversifiers for each other?
Yes. With a correlation of 0.19, HSIC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HSIC and SPY?
The HSIC/SPY correlation stands at 0.19 on a 3-year window (1 year: 0.08, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for HSIC?
Yes. With a correlation of 0.19, HSIC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.19 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: HSIC correlations · SPY correlations
