SPY vs THW: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and abrdn World Healthcare Fund Shares of Beneficial Interest (THW) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and THW?
Over the past 3 years, SPY and THW moved with a correlation of 0.51, which is moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 156.2 %².
Within SPY's tracked universe of 4755 assets, THW comes in at #439 by 3-year correlation. On 12-month performance THW holds a 13.1-point edge, +20.6% against +33.7%.
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 THW: side by side
| SPY (SPDR S&P 500 ETF Trust) | THW (abrdn World Healthcare Fund Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | +20.6% | +33.7% |
| 5-year return | +82.4% | +40.2% |
| Volatility (ann.) | 14.5% | 21.4% |
| Beta vs S&P 500 | 1.00 | 0.75 |
| Max drawdown (3Y) | -18.8% | -25.4% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 6.6 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, 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 | THW |
|---|---|---|
| 2022 | -18.2% | -1.2% |
| 2023 | +26.2% | -11.5% |
| 2024 | +24.9% | +5.4% |
| 2025 | +17.7% | +31.1% |
| 2026 | +13.7% | +18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and THW good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SPY and THW?
The SPY/THW correlation stands at 0.51 on a 3-year window (1 year: 0.55, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is THW a good diversifier for SPY?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-thw.json
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Related comparisons
Hubs: SPY correlations · THW correlations
