DAL vs SPY: Correlation
Measured on weekly returns over the past three years, Delta Air Lines (DAL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAL and SPY?
Over the past 3 years, DAL and SPY moved with a correlation of 0.46, which is moderate. The past 12 months show a weaker link (0.30) than the 3-year average (0.46). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 244.9 %².
Within DAL's tracked universe of 33 assets, SPY comes in at #20 by 3-year correlation. On 12-month performance DAL holds a 13.3-point edge, +33.9% against +20.6%. On a rolling one-year basis the correlation drifted between 0.17 and 0.65, a moderate band. One caveat on sizing: DAL is 2.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DAL vs SPY: side by side
| DAL (Delta Air Lines) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.9% | +20.6% |
| 5-year return | +110.6% | +82.4% |
| Volatility (ann.) | 37.1% | 14.5% |
| Beta vs S&P 500 | 1.17 | 1.00 |
| Max drawdown (3Y) | -47.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 0.94% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | DAL | SPY |
|---|---|---|
| 2022 | -15.9% | -18.2% |
| 2023 | +23.0% | +26.2% |
| 2024 | +52.0% | +24.9% |
| 2025 | +16.1% | +17.7% |
| 2026 | +17.8% | +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 DAL at a 0.08% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are DAL and SPY good diversifiers for each other?
Reasonably. At 0.46, DAL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DAL and SPY?
The DAL/SPY correlation stands at 0.46 on a 3-year window (1 year: 0.30, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DAL?
Reasonably. At 0.46, DAL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: DAL correlations · SPY correlations
