DB vs SPY: Correlation
Measured on weekly returns over the past three years, Deutsche Bank AG (DB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DB and SPY?
On 3 years of weekly data the DB/SPY correlation comes out at 0.48, moderate. The link has tightened recently: the 1-year correlation (0.62) runs above the 3-year figure (0.48). The 5-year figure is 0.49, and annualized covariance runs at 226.6 %².
Out of 11 assets tracked against DB, SPY lands near the bottom at #7. Their 12-month results are close: +18.5% for DB against +20.6% for SPY. Risk is not evenly split, since DB carries 2.3 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.
DB vs SPY: side by side
| DB (Deutsche Bank AG) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.5% | +20.6% |
| 5-year return | +278.5% | +82.4% |
| Volatility (ann.) | 32.7% | 14.5% |
| Beta vs S&P 500 | 1.08 | 1.00 |
| Max drawdown (3Y) | -29.7% | -18.8% |
| Market cap | $75.3B | – |
| P/E (trailing) | 10.5 | – |
| Dividend yield | 2.49% | 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 | DB | SPY |
|---|---|---|
| 2022 | -5.9% | -18.2% |
| 2023 | +21.3% | +26.2% |
| 2024 | +29.5% | +24.9% |
| 2025 | +132.4% | +17.7% |
| 2026 | +7.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DB and SPY?
The DB/SPY correlation stands at 0.48 on a 3-year window (1 year: 0.62, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DB?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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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Hubs: DB correlations · SPY correlations
