DCI vs SPY: Correlation
Measured on weekly returns over the past three years, Donaldson Company, Inc. (DCI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DCI and SPY?
Across a 3-year window, the weekly returns of DCI and SPY correlate at 0.51, moderate. The link has loosened recently: the 1-year correlation (0.21) runs below the 3-year figure (0.51). Stretching to 5 years gives 0.61, with an annualized covariance of 155.2 %².
By 3-year correlation, SPY places #7 of the 15 assets tracked against DCI. Over the last 12 months SPY came out ahead by 6.6 percentage points (+14.0% against +20.6%).
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.
DCI vs SPY: side by side
| DCI (Donaldson Company, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.0% | +20.6% |
| 5-year return | +44.4% | +82.4% |
| Volatility (ann.) | 21.0% | 14.5% |
| Beta vs S&P 500 | 0.74 | 1.00 |
| Max drawdown (3Y) | -26.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 24.8 | – |
| Dividend yield | 1.30% | 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 | DCI | SPY |
|---|---|---|
| 2022 | +1.0% | -18.2% |
| 2023 | +12.8% | +26.2% |
| 2024 | +4.6% | +24.9% |
| 2025 | +33.7% | +17.7% |
| 2026 | +5.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DCI and SPY good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DCI and SPY?
The DCI/SPY correlation stands at 0.51 on a 3-year window (1 year: 0.21, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DCI?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 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: DCI correlations · SPY correlations
