LH vs SPY: Correlation
Measured on weekly returns over the past three years, Labcorp (LH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LH and SPY?
On 3 years of weekly data the LH/SPY correlation comes out at 0.22, weak. The past 12 months show a weaker link (-0.01) than the 3-year average (0.22). The 5-year figure is 0.40, and annualized covariance runs at 69.3 %².
Within LH's tracked universe of 34 assets, SPY comes in at #23 by 3-year correlation. Their 12-month results are close: +21.8% for LH against +20.6% for SPY. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.02 to 0.64.
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.
LH vs SPY: side by side
| LH (Labcorp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.8% | +20.6% |
| 5-year return | +36.0% | +82.4% |
| Volatility (ann.) | 21.4% | 14.5% |
| Beta vs S&P 500 | 0.33 | 1.00 |
| Max drawdown (3Y) | -17.4% | -18.8% |
| Market cap | $27.3B | – |
| P/E (trailing) | 27.8 | – |
| Dividend yield | 0.86% | 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 | LH | SPY |
|---|---|---|
| 2022 | -24.4% | -18.2% |
| 2023 | +13.8% | +26.2% |
| 2024 | +2.2% | +24.9% |
| 2025 | +10.6% | +17.7% |
| 2026 | +34.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LH and SPY good diversifiers for each other?
Reasonably. At 0.22, LH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LH and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with -0.01 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for LH?
Reasonably. At 0.22, LH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 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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Related comparisons
Hubs: LH correlations · SPY correlations
