SPY vs THC: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Tenet Healthcare Corporation (THC) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and THC?
On 3 years of weekly data the SPY/THC correlation comes out at 0.34, moderate. The link has loosened recently: the 1-year correlation (0.22) runs below the 3-year figure (0.34). The 5-year figure is 0.42, and annualized covariance runs at 211.8 %².
By 3-year correlation, THC places #1809 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with THC ahead by 26.6 points (+20.6% versus +47.2%). Risk is not evenly split, since THC carries 3.0 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.
SPY vs THC: side by side
| SPY (SPDR S&P 500 ETF Trust) | THC (Tenet Healthcare Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +47.2% |
| 5-year return | +82.4% | +254.8% |
| Volatility (ann.) | 14.5% | 43.5% |
| Beta vs S&P 500 | 1.00 | 1.01 |
| Max drawdown (3Y) | -18.8% | -34.5% |
| Market cap | – | $21.6B |
| P/E (trailing) | – | 10.6 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | SPY | THC |
|---|---|---|
| 2022 | -18.2% | -40.3% |
| 2023 | +26.2% | +54.9% |
| 2024 | +24.9% | +67.0% |
| 2025 | +17.7% | +57.4% |
| 2026 | +13.7% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and THC good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and THC?
The SPY/THC correlation stands at 0.34 on a 3-year window (1 year: 0.22, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is THC a good diversifier for SPY?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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-thc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-thc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · THC correlations
