DAC vs SPY: Correlation
Measured on weekly returns over the past three years, Danaos Corporation (DAC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAC and SPY?
On 3 years of weekly data the DAC/SPY correlation comes out at 0.33, moderate. The past 12 months show a weaker link (0.20) than the 3-year average (0.33). The 5-year figure is 0.34, and annualized covariance runs at 121.9 %².
Out of 15 assets tracked against DAC, SPY lands near the bottom at #11. The last year tells two different stories: DAC led by 47.4 percentage points, +68.0% for DAC against +20.6% for SPY. Note the risk asymmetry: DAC runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DAC vs SPY: side by side
| DAC (Danaos Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +68.0% | +20.6% |
| 5-year return | +112.7% | +82.4% |
| Volatility (ann.) | 25.3% | 14.5% |
| Beta vs S&P 500 | 0.58 | 1.00 |
| Max drawdown (3Y) | -28.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 5.0 | – |
| Dividend yield | 2.44% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | 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 | DAC | SPY |
|---|---|---|
| 2022 | -26.6% | -18.2% |
| 2023 | +47.5% | +26.2% |
| 2024 | +12.4% | +24.9% |
| 2025 | +20.0% | +17.7% |
| 2026 | +64.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAC and SPY good diversifiers for each other?
Reasonably. At 0.33, DAC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DAC and SPY?
The DAC/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.20, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DAC?
Reasonably. At 0.33, DAC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 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: DAC correlations · SPY correlations
