SPY vs SRXH: Correlation
SPDR S&P 500 ETF Trust (SPY) and SRX Global Inc. (SRXH) show a near-zero relationship: their 3-year correlation of weekly returns is 0.05.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SRXH?
On 3 years of weekly data the SPY/SRXH correlation comes out at 0.05, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.09) sits close to the 3-year figure. The 5-year figure is 0.10, and annualized covariance runs at 84.4 %².
Among the 4755 assets we track against SPY, SRXH ranks #4395 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 112.5 points (+20.6% versus -91.9%). Note the risk asymmetry: SRXH runs 8.0 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.
SPY vs SRXH: side by side
| SPY (SPDR S&P 500 ETF Trust) | SRXH (SRX Global Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -91.9% |
| 5-year return | +82.4% | -100.0% |
| Volatility (ann.) | 14.5% | 116.5% |
| Beta vs S&P 500 | 1.00 | 0.40 |
| Max drawdown (3Y) | -18.8% | -99.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SRXH |
|---|---|---|
| 2022 | -18.2% | -83.3% |
| 2023 | +26.2% | -48.6% |
| 2024 | +24.9% | -78.8% |
| 2025 | +17.7% | -86.9% |
| 2026 | +13.7% | -86.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SRXH good diversifiers for each other?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and SRXH?
Using weekly returns as of 2026-08-27: 0.05 over 3 years, with 0.09 over the last year and 0.10 over 5 years.
Is SRXH a good diversifier for SPY?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
What does a correlation of 0.05 mean?
On the −1 to +1 scale, 0.05 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.
Use this data
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Related comparisons
Hubs: SPY correlations · SRXH correlations
