DBD vs SPY: Correlation
Diebold Nixdorf Incorporated (DBD) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DBD and SPY?
On 3 years of weekly data the DBD/SPY correlation comes out at 0.40, moderate. The past 12 months show a weaker link (0.21) than the 3-year average (0.40). The 5-year figure is n/a, and annualized covariance runs at 223.2 %².
Within DBD's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. On 12-month performance SPY holds a 13.2-point edge, +7.4% against +20.6%. Note the risk asymmetry: DBD runs 2.7 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.
DBD vs SPY: side by side
| DBD (Diebold Nixdorf Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.4% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 38.5% | 14.5% |
| Beta vs S&P 500 | 1.07 | 1.00 |
| Max drawdown (3Y) | -25.8% | -18.8% |
| Market cap | $2.3B | – |
| P/E (trailing) | 22.4 | – |
| 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 | DBD | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +48.7% | +24.9% |
| 2025 | +57.7% | +17.7% |
| 2026 | -0.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DBD and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DBD and SPY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.21 over the last year and n/a over 5 years.
Is SPY a good diversifier for DBD?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 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: DBD correlations · SPY correlations
