SGRY vs SPY: Correlation
Measured on weekly returns over the past three years, Surgery Partners, Inc. (SGRY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SGRY and SPY?
On 3 years of weekly data the SGRY/SPY correlation comes out at 0.37, moderate. The relationship has been stable: the 1-year correlation (0.32) sits close to the 3-year figure. The 5-year figure is 0.49, and annualized covariance runs at 272.1 %².
Among the 14 assets we track against SGRY, SPY ranks #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 59.6 percentage points (-39.0% for SGRY against +20.6% for SPY). Note the risk asymmetry: SGRY runs 3.5 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.
SGRY vs SPY: side by side
| SGRY (Surgery Partners, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -39.0% | +20.6% |
| 5-year return | -71.6% | +82.4% |
| Volatility (ann.) | 51.2% | 14.5% |
| Beta vs S&P 500 | 1.30 | 1.00 |
| Max drawdown (3Y) | -69.3% | -18.8% |
| Market cap | $1.8B | – |
| P/E (trailing) | – | – |
| 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 | SGRY | SPY |
|---|---|---|
| 2022 | -47.8% | -18.2% |
| 2023 | +14.8% | +26.2% |
| 2024 | -33.8% | +24.9% |
| 2025 | -27.0% | +17.7% |
| 2026 | -9.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SGRY and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SGRY and SPY?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.32 over the last year and 0.49 over 5 years.
Is SPY a good diversifier for SGRY?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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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Hubs: SGRY correlations · SPY correlations
