ICUI vs SPY: Correlation
How closely do ICU Medical, Inc. (ICUI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICUI and SPY?
On 3 years of weekly data the ICUI/SPY correlation comes out at 0.31, moderate. Little has changed lately, as the 1-year reading of 0.30 lands near the 3-year figure. The 5-year figure is 0.40, and annualized covariance runs at 176.3 %².
SPY is close to the least connected end of ICUI's tracked universe, ranking #12 of 16. Their recent paths diverged sharply: over the last 12 months ICUI outperformed by 17.7 percentage points (+38.3% for ICUI against +20.6% for SPY). Risk is not evenly split, since ICUI carries 2.7 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.
ICUI vs SPY: side by side
| ICUI (ICU Medical, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +38.3% | +20.6% |
| 5-year return | -12.5% | +82.4% |
| Volatility (ann.) | 39.5% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -45.1% | -18.8% |
| Market cap | $4.4B | – |
| P/E (trailing) | 150.9 | – |
| 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 | ICUI | SPY |
|---|---|---|
| 2022 | -33.6% | -18.2% |
| 2023 | -36.7% | +26.2% |
| 2024 | +55.6% | +24.9% |
| 2025 | -8.1% | +17.7% |
| 2026 | +22.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICUI and SPY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ICUI and SPY?
The ICUI/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.30, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ICUI?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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: ICUI correlations · SPY correlations
