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GEHC vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GEHC vs. SPY

Last updated Jun 6, 2026

GEHC (GE HealthCare Technologies Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 3 years, GEHC returned -7.80%/yr vs 21.43%/yr for SPY. At a 0.50 correlation, their price movements are largely independent.

Performance

GEHC vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GE HealthCare Technologies Inc. (GEHC) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GEHC achieves a -21.08% return, which is significantly lower than SPY's 8.45% return.

GEHC

1D
1.35%
1M
4.75%
YTD
-21.08%
6M
-24.26%
1Y
-9.45%
3Y*
-7.80%
5Y*
—
10Y*
—

SPY

1D
-2.58%
1M
0.51%
YTD
8.45%
6M
8.18%
1Y
25.79%
3Y*
21.43%
5Y*
13.32%
10Y*
15.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GEHC vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023
GEHC
GE HealthCare Technologies Inc.		-21.08%5.11%1.26%27.98%
SPY
State Street SPDR S&P 500 ETF		8.45%17.72%24.89%25.74%

Correlation

The correlation between GEHC and SPY is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.51

Correlation (3Y)
Calculated over the trailing 3-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Jan 5, 2023

0.50

The correlation between GEHC and SPY has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.

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GE HealthCare Technologies Inc.

State Street SPDR S&P 500 ETF

Often compared with GEHC:
GEHC vs. GEGEHC vs. SHL.DEGEHC vs. TDCGEHC vs. QQQGEHC vs. LLYGEHC vs. VHTGEHC vs. VOO
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

GEHC vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GEHC
GEHC Risk / Return Rank: 2828
Overall Rank
GEHC Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
GEHC Sortino Ratio Rank: 2626
Sortino Ratio Rank
GEHC Omega Ratio Rank: 2626
Omega Ratio Rank
GEHC Calmar Ratio Rank: 3232
Calmar Ratio Rank
GEHC Martin Ratio Rank: 2828
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6666
Overall Rank
SPY Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6363
Sortino Ratio Rank
SPY Omega Ratio Rank: 6666
Omega Ratio Rank
SPY Calmar Ratio Rank: 6060
Calmar Ratio Rank
SPY Martin Ratio Rank: 7373
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GEHC vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GE HealthCare Technologies Inc. (GEHC) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

GEHCSPYDifference
Sharpe ratioReturn per unit of total volatility
-0.30
2.14

-2.44

Sortino ratioReturn per unit of downside risk
-0.19
2.88

-3.07

Omega ratioGain probability vs. loss probability

0.97

1.39

-0.41

Calmar ratioReturn relative to maximum drawdown

-0.29

2.92

-3.21

Martin ratioReturn relative to average drawdown

-0.74

13.50

-14.24

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GEHC vs. SPY - Sharpe Ratio Comparison

The current GEHC Sharpe Ratio is -0.30, which is lower than the SPY Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of GEHC and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GEHCSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.30

2.14

-2.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.78

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.85

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.07

0.58

-0.52

Drawdowns

GEHC vs. SPY - Drawdown Comparison

The maximum GEHC drawdown since its inception was -37.35%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GEHC and SPY.

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Drawdown Indicators

GEHCSPYDifference

Max Drawdown

Largest peak-to-trough decline

-37.35%

-55.19%

+17.84%

Max Drawdown (1Y)

Largest decline over 1 year

-32.47%

-8.88%

-23.59%

Max Drawdown (3Y)

Largest decline over 3 years

-37.35%

-18.76%

-18.59%

Max Drawdown (5Y)

Largest decline over 5 years

—

-24.50%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.72%

—

Current Drawdown

Current decline from peak

-30.88%

-2.90%

-27.98%

Average Drawdown

Average peak-to-trough decline

-14.30%

-9.05%

-5.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.87%

1.91%

+10.96%

Volatility

GEHC vs. SPY - Volatility Comparison

GE HealthCare Technologies Inc. (GEHC) has a higher volatility of 8.33% compared to State Street SPDR S&P 500 ETF (SPY) at 3.73%. This indicates that GEHC's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GEHCSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.33%

3.73%

+4.60%

Volatility (6M)

Calculated over the trailing 6-month period

25.49%

9.31%

+16.18%

Volatility (1Y)

Calculated over the trailing 1-year period

32.09%

12.12%

+19.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.37%

17.09%

+15.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.37%

17.95%

+14.42%

Dividends

GEHC vs. SPY - Dividend Comparison

GEHC's dividend yield for the trailing twelve months is around 0.22%, less than SPY's 1.00% yield.

PositionTTM20252024202320222021202020192018201720162015
GEHC
GE HealthCare Technologies Inc.		0.22%0.17%0.15%0.12%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		1.00%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

GEHC and SPY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GEHC has higher volatility (8.33%) compared to SPY (3.73%). In terms of maximum drawdown, GEHC dropped -37.35% vs SPY's -55.19%.

SPY currently has the higher Sharpe Ratio (2.14 vs -0.30), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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