D vs SPY: Correlation
Measured on weekly returns over the past three years, Dominion Energy (D) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.13, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are D and SPY?
On 3 years of weekly data the D/SPY correlation comes out at 0.13, weak. Lately the two have drifted apart, with the 1-year correlation at -0.06 versus 0.13 over 3 years. The 5-year figure is 0.27, and annualized covariance runs at 37.2 %².
By 3-year correlation, SPY places #20 of the 31 assets tracked against D. The trailing year gives SPY the advantage: +15.1% versus +20.6%, a 5.5-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between -0.15 and 0.54 over the past three years, so this pair behaves very differently depending on the market environment.
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.
D vs SPY: side by side
| D (Dominion Energy) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.1% | +20.6% |
| 5-year return | +6.1% | +82.4% |
| Volatility (ann.) | 20.5% | 14.5% |
| Beta vs S&P 500 | 0.18 | 1.00 |
| Max drawdown (3Y) | -19.1% | -18.8% |
| Market cap | $58.5B | – |
| P/E (trailing) | 23.2 | – |
| Dividend yield | 3.99% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | D | SPY |
|---|---|---|
| 2022 | -19.1% | -18.2% |
| 2023 | -19.1% | +26.2% |
| 2024 | +20.4% | +24.9% |
| 2025 | +14.0% | +17.7% |
| 2026 | +15.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds D at a 0.09% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are D and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
FAQ
What is the correlation between D and SPY?
Using weekly returns as of 2026-08-27: 0.13 over 3 years, with -0.06 over the last year and 0.27 over 5 years.
Is SPY a good diversifier for D?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
What does a correlation of 0.13 mean?
A reading of 0.13 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: D correlations · SPY correlations
