DCBO vs SPY: Correlation
How closely do Docebo Inc. (DCBO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DCBO and SPY?
Across a 3-year window, the weekly returns of DCBO and SPY correlate at 0.40, moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.40). Stretching to 5 years gives 0.53, with an annualized covariance of 264.3 %².
Out of 12 assets tracked against DCBO, SPY lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with SPY ahead by 38.7 points (-18.1% versus +20.6%). Note the risk asymmetry: DCBO runs 3.1 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.
DCBO vs SPY: side by side
| DCBO (Docebo Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -18.1% | +20.6% |
| 5-year return | -69.8% | +82.4% |
| Volatility (ann.) | 45.4% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -73.0% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 22.1 | – |
| 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 | DCBO | SPY |
|---|---|---|
| 2022 | -50.8% | -18.2% |
| 2023 | +46.0% | +26.2% |
| 2024 | -7.5% | +24.9% |
| 2025 | -50.4% | +17.7% |
| 2026 | +14.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DCBO 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 DCBO and SPY?
The DCBO/SPY correlation stands at 0.40 on a 3-year window (1 year: 0.20, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DCBO?
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?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: DCBO correlations · SPY correlations
