DDI vs SPY: Correlation
How closely do DoubleDown Interactive Co., Ltd. - American Depository (DDI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DDI and SPY?
Across a 3-year window, the weekly returns of DDI and SPY correlate at 0.13, weak. Recent behaviour matches the longer record: 0.19 over 1 year against 0.13 over 3. Stretching to 5 years gives 0.17, with an annualized covariance of 92.7 %².
Out of 10 assets tracked against DDI, SPY lands near the bottom at #6. Over the last 12 months DDI came out ahead by 13.9 percentage points (+34.5% against +20.6%). One caveat on sizing: DDI is 3.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DDI vs SPY: side by side
| DDI (DoubleDown Interactive Co., Ltd. - American Depository) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.5% | +20.6% |
| 5-year return | -28.2% | +82.4% |
| Volatility (ann.) | 51.1% | 14.5% |
| Beta vs S&P 500 | 0.44 | 1.00 |
| Max drawdown (3Y) | -52.1% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 5.1 | – |
| 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 | DDI | SPY |
|---|---|---|
| 2022 | -45.5% | -18.2% |
| 2023 | -13.0% | +26.2% |
| 2024 | +42.0% | +24.9% |
| 2025 | -17.3% | +17.7% |
| 2026 | +47.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DDI and SPY good diversifiers for each other?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DDI and SPY?
Using weekly returns as of 2026-08-27: 0.13 over 3 years, with 0.19 over the last year and 0.17 over 5 years.
Is SPY a good diversifier for DDI?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.13 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: DDI correlations · SPY correlations
