CPAY vs DIA: Correlation
Corpay (CPAY) and SPDR Dow Jones Industrial Average ETF (DIA) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and DIA?
On 3 years of weekly data the CPAY/DIA correlation comes out at 0.64, strong. Lately the two have drifted apart, with the 1-year correlation at 0.47 versus 0.64 over 3 years. The 5-year figure is 0.63, and annualized covariance runs at 265.5 %².
Among the 32 assets we track against CPAY, DIA ranks #9 by 3-year correlation. Neither side won the trailing year by much: +24.1% against +19.2%. Across three years, the rolling one-year figure varied moderately, from 0.49 to 0.83. Risk is not evenly split, since CPAY carries 2.4 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.
CPAY vs DIA: side by side
| CPAY (Corpay) | DIA (SPDR Dow Jones Industrial Average ETF) | |
|---|---|---|
| 1-year return | +24.1% | +19.2% |
| 5-year return | +55.2% | +64.8% |
| Volatility (ann.) | 31.7% | 13.0% |
| Beta vs S&P 500 | 1.22 | 0.79 |
| Max drawdown (3Y) | -34.5% | -16.0% |
| Market cap | $26.5B | – |
| P/E (trailing) | 24.7 | – |
| Dividend yield | 0.00% | 1.37% |
| Expense ratio | – | 0.16% |
| Assets under management | – | $45.2B |
| Sector / category | Financials | ETF · US Large Cap |
DIA is a Large Value fund from State Street Investment Management: $45.2B under management, 30 holdings, a 0.16% expense ratio, a 1.37% trailing dividend yield.
Year-by-year returns
| Year | CPAY | DIA |
|---|---|---|
| 2022 | -17.9% | -7.0% |
| 2023 | +53.9% | +16.0% |
| 2024 | +19.7% | +14.8% |
| 2025 | -11.1% | +14.7% |
| 2026 | +34.1% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPAY and DIA good diversifiers for each other?
Only partially. A correlation of 0.64 means CPAY and DIA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CPAY and DIA?
The CPAY/DIA correlation stands at 0.64 on a 3-year window (1 year: 0.47, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is DIA a good diversifier for CPAY?
Only partially. A correlation of 0.64 means CPAY and DIA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
A reading of 0.64 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/cpay-vs-dia.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cpay-vs-dia/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CPAY correlations · DIA correlations
