SPY vs SYK: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Stryker Corporation (SYK) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SYK?
Across a 3-year window, the weekly returns of SPY and SYK correlate at 0.41, moderate. The link has loosened recently: the 1-year correlation (0.16) runs below the 3-year figure (0.41). Stretching to 5 years gives 0.58, with an annualized covariance of 127.7 %².
By 3-year correlation, SYK places #1086 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 37.8 percentage points, +20.6% for SPY against -17.2% for SYK. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.15 to 0.65.
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 SYK: side by side
| SPY (SPDR S&P 500 ETF Trust) | SYK (Stryker Corporation) | |
|---|---|---|
| 1-year return | +20.6% | -17.2% |
| 5-year return | +82.4% | +23.8% |
| Volatility (ann.) | 14.5% | 21.5% |
| Beta vs S&P 500 | 1.00 | 0.61 |
| Max drawdown (3Y) | -18.8% | -29.4% |
| Market cap | – | $123.6B |
| P/E (trailing) | – | 34.1 |
| Dividend yield | 1.01% | 1.06% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Health Care |
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 | SYK |
|---|---|---|
| 2022 | -18.2% | -7.4% |
| 2023 | +26.2% | +23.8% |
| 2024 | +24.9% | +21.3% |
| 2025 | +17.7% | -1.5% |
| 2026 | +13.7% | -7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
SYK represents 0.17% of SPY's portfolio, so part of any move in SPY is SYK itself, and the correlation between them is partly mechanical.
Are SPY and SYK good diversifiers for each other?
Reasonably. At 0.41, SPY and SYK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and SYK?
The SPY/SYK correlation stands at 0.41 on a 3-year window (1 year: 0.16, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is SYK a good diversifier for SPY?
Reasonably. At 0.41, SPY and SYK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-syk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-syk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · SYK correlations
