DAVE vs SPY: Correlation
How closely do Dave Inc. (DAVE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAVE and SPY?
On 3 years of weekly data the DAVE/SPY correlation comes out at 0.31, moderate. Recent behaviour matches the longer record: 0.35 over 1 year against 0.31 over 3. The 5-year figure is 0.31, and annualized covariance runs at 443.6 %².
SPY is close to the least connected end of DAVE's tracked universe, ranking #7 of 11. Their recent paths diverged sharply: over the last 12 months DAVE outperformed by 59.4 percentage points (+80.0% for DAVE against +20.6% for SPY). Risk is not evenly split, since DAVE carries 6.9 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.
DAVE vs SPY: side by side
| DAVE (Dave Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +80.0% | +20.6% |
| 5-year return | +18.4% | +82.4% |
| Volatility (ann.) | 100.5% | 14.5% |
| Beta vs S&P 500 | 2.12 | 1.00 |
| Max drawdown (3Y) | -44.7% | -18.8% |
| Market cap | $4.8B | – |
| P/E (trailing) | 24.0 | – |
| Dividend yield | 0.00% | 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 | DAVE | SPY |
|---|---|---|
| 2022 | -97.2% | -18.2% |
| 2023 | -9.6% | +26.2% |
| 2024 | +936.6% | +24.9% |
| 2025 | +154.7% | +17.7% |
| 2026 | +68.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAVE and SPY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DAVE and SPY?
As of 2026-08-27, the correlation of weekly returns between DAVE and SPY is 0.31 over 3 years, 0.35 over 1 year and 0.31 over 5 years.
Is SPY a good diversifier for DAVE?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dave-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dave-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DAVE correlations · SPY correlations
