SPY vs USPH: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and U.S. Physical Therapy, Inc. (USPH) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and USPH?
On 3 years of weekly data the SPY/USPH correlation comes out at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.36 over 3 years. The 5-year figure is 0.35, and annualized covariance runs at 175.5 %².
Within SPY's tracked universe of 4755 assets, USPH comes in at #1598 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 24.7 points (+20.6% versus -4.1%). One caveat on sizing: USPH is 2.3 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.
SPY vs USPH: side by side
| SPY (SPDR S&P 500 ETF Trust) | USPH (U.S. Physical Therapy, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -4.1% |
| 5-year return | +82.4% | -25.3% |
| Volatility (ann.) | 14.5% | 33.7% |
| Beta vs S&P 500 | 1.00 | 0.84 |
| Max drawdown (3Y) | -18.8% | -45.4% |
| Market cap | – | $1.2B |
| P/E (trailing) | – | 465.3 |
| Dividend yield | 1.01% | 2.33% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | USPH |
|---|---|---|
| 2022 | -18.2% | -13.7% |
| 2023 | +26.2% | +17.0% |
| 2024 | +24.9% | -3.0% |
| 2025 | +17.7% | -9.9% |
| 2026 | +13.7% | +3.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and USPH good diversifiers for each other?
Reasonably. At 0.36, SPY and USPH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and USPH?
As of 2026-08-27, the correlation of weekly returns between SPY and USPH is 0.36 over 3 years, 0.09 over 1 year and 0.35 over 5 years.
Is USPH a good diversifier for SPY?
Reasonably. At 0.36, SPY and USPH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-usph.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-usph/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · USPH correlations
