This paper introduces a new unsupervised method for the clustering of physiological data into health states based on their similarity. We propose an iterative hierarchical clustering approach that combines health states according to a similarity constraint to new arbitrary health states. We applied method to experimental data in which the physical strain of subjects was systematically varied. We derived health states based on parameters extracted from ECG data. The occurrence of health states shows a high temporal correlation to the experimental phases of the physical exercise. We compared our method to other clustering algorithms and found a significantly higher accuracy with respect to the identification of health states.