NHC vs SPY: Correlation
How closely do National HealthCare Corporation (NHC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NHC and SPY?
On 3 years of weekly data the NHC/SPY correlation comes out at 0.24, weak. The link has loosened recently: the 1-year correlation (-0.14) runs below the 3-year figure (0.24). The 5-year figure is 0.28, and annualized covariance runs at 103.7 %².
Out of 11 assets tracked against NHC, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with NHC ahead by 81.3 points (+101.9% versus +20.6%). Risk is not evenly split, since NHC carries 2.1 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.
NHC vs SPY: side by side
| NHC (National HealthCare Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +101.9% | +20.6% |
| 5-year return | +243.9% | +82.4% |
| Volatility (ann.) | 29.9% | 14.5% |
| Beta vs S&P 500 | 0.50 | 1.00 |
| Max drawdown (3Y) | -33.4% | -18.8% |
| Market cap | $3.5B | – |
| P/E (trailing) | 25.0 | – |
| Dividend yield | 1.15% | 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 | NHC | SPY |
|---|---|---|
| 2022 | -9.4% | -18.2% |
| 2023 | +60.8% | +26.2% |
| 2024 | +19.0% | +24.9% |
| 2025 | +30.3% | +17.7% |
| 2026 | +63.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NHC and SPY good diversifiers for each other?
Reasonably. At 0.24, NHC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NHC and SPY?
As of 2026-08-27, the correlation of weekly returns between NHC and SPY is 0.24 over 3 years, -0.14 over 1 year and 0.28 over 5 years.
Is SPY a good diversifier for NHC?
Reasonably. At 0.24, NHC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
A reading of 0.24 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: NHC correlations · SPY correlations
