SHC vs SPY: Correlation
Sotera Health Company (SHC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHC and SPY?
Across a 3-year window, the weekly returns of SHC and SPY correlate at 0.39, moderate. The link has tightened recently: the 1-year correlation (0.53) runs above the 3-year figure (0.39). Stretching to 5 years gives 0.36, with an annualized covariance of 227.6 %².
By 3-year correlation, SPY places #10 of the 15 assets tracked against SHC. Neither side won the trailing year by much: +18.1% against +20.6%. One caveat on sizing: SHC is 2.8 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.
SHC vs SPY: side by side
| SHC (Sotera Health Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.1% | +20.6% |
| 5-year return | -21.9% | +82.4% |
| Volatility (ann.) | 40.4% | 14.5% |
| Beta vs S&P 500 | 1.09 | 1.00 |
| Max drawdown (3Y) | -43.5% | -18.8% |
| Market cap | $5.6B | – |
| P/E (trailing) | 34.2 | – |
| 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 | SHC | SPY |
|---|---|---|
| 2022 | -64.6% | -18.2% |
| 2023 | +102.3% | +26.2% |
| 2024 | -18.8% | +24.9% |
| 2025 | +28.9% | +17.7% |
| 2026 | +10.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHC and SPY good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SHC and SPY?
As of 2026-08-27, the correlation of weekly returns between SHC and SPY is 0.39 over 3 years, 0.53 over 1 year and 0.36 over 5 years.
Is SPY a good diversifier for SHC?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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: SHC correlations · SPY correlations
