DCGO vs SPY: Correlation
Measured on weekly returns over the past three years, DocGo Inc. (DCGO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DCGO and SPY?
Over the past 3 years, DCGO and SPY moved with a correlation of 0.27, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.43 versus 0.27 over 3 years. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 273.5 %².
Out of 10 assets tracked against DCGO, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 95.0 points (-74.4% versus +20.6%). Note the risk asymmetry: DCGO runs 4.8 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.
DCGO vs SPY: side by side
| DCGO (DocGo Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -74.4% | +20.6% |
| 5-year return | -95.8% | +82.4% |
| Volatility (ann.) | 69.8% | 14.5% |
| Beta vs S&P 500 | 1.31 | 1.00 |
| Max drawdown (3Y) | -95.7% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | DCGO | SPY |
|---|---|---|
| 2022 | -24.4% | -18.2% |
| 2023 | -20.9% | +26.2% |
| 2024 | -24.2% | +24.9% |
| 2025 | -79.3% | +17.7% |
| 2026 | -52.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DCGO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DCGO and SPY?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.43 over the last year and 0.31 over 5 years.
Is SPY a good diversifier for DCGO?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 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: DCGO correlations · SPY correlations
