MOH vs SPY: Correlation
Molina Healthcare Inc (MOH) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is -0.01.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MOH and SPY?
On 3 years of weekly data the MOH/SPY correlation comes out at -0.01, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.01 lands near the 3-year figure. The 5-year figure is 0.12, and annualized covariance runs at -6.4 %².
By 3-year correlation, SPY places #8 of the 21 assets tracked against MOH. The trailing year gives SPY the advantage: +12.8% versus +20.6%, a 7.8-point spread. One caveat on sizing: MOH is 3.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MOH vs SPY: side by side
| MOH (Molina Healthcare Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.8% | +20.6% |
| 5-year return | -25.1% | +82.4% |
| Volatility (ann.) | 44.8% | 14.5% |
| Beta vs S&P 500 | -0.03 | 1.00 |
| Max drawdown (3Y) | -70.8% | -18.8% |
| Market cap | $10.4B | – |
| P/E (trailing) | 1242.2 | – |
| 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 | MOH | SPY |
|---|---|---|
| 2022 | +3.8% | -18.2% |
| 2023 | +9.4% | +26.2% |
| 2024 | -19.4% | +24.9% |
| 2025 | -40.4% | +17.7% |
| 2026 | +14.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MOH and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.01 means the two rarely move for the same reasons.
FAQ
What is the correlation between MOH and SPY?
Using weekly returns as of 2026-08-27: -0.01 over 3 years, with 0.01 over the last year and 0.12 over 5 years.
Is SPY a good diversifier for MOH?
By historical standards, yes. A correlation of -0.01 means the two rarely move for the same reasons.
What does a correlation of -0.01 mean?
A reading of -0.01 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: MOH correlations · SPY correlations
