DDOG vs SPY: Correlation
How closely do Datadog (DDOG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DDOG and SPY?
Over the past 3 years, DDOG and SPY moved with a correlation of 0.36, which is moderate. The link has loosened recently: the 1-year correlation (0.16) runs below the 3-year figure (0.36). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 287.1 %².
Within DDOG's tracked universe of 30 assets, SPY comes in at #20 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DDOG outperformed by 63.8 percentage points (+84.4% for DDOG against +20.6% for SPY). On a rolling one-year basis the correlation drifted between 0.14 and 0.60, a moderate band. Risk is not evenly split, since DDOG carries 3.8 times the volatility of the other side.
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.
DDOG vs SPY: side by side
| DDOG (Datadog) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +84.4% | +20.6% |
| 5-year return | +77.8% | +82.4% |
| Volatility (ann.) | 54.6% | 14.5% |
| Beta vs S&P 500 | 1.37 | 1.00 |
| Max drawdown (3Y) | -48.6% | -18.8% |
| Market cap | $87.2B | – |
| P/E (trailing) | 458.4 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | DDOG | SPY |
|---|---|---|
| 2022 | -58.7% | -18.2% |
| 2023 | +65.1% | +26.2% |
| 2024 | +17.7% | +24.9% |
| 2025 | -4.8% | +17.7% |
| 2026 | +78.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
DDOG represents 0.11% of SPY's portfolio, so part of any move in SPY is DDOG itself, and the correlation between them is partly mechanical.
Are DDOG and SPY good diversifiers for each other?
Reasonably. At 0.36, DDOG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DDOG and SPY?
As of 2026-08-27, the correlation of weekly returns between DDOG and SPY is 0.36 over 3 years, 0.16 over 1 year and 0.49 over 5 years.
Is SPY a good diversifier for DDOG?
Reasonably. At 0.36, DDOG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: DDOG correlations · SPY correlations
