DDS vs SPY: Correlation
How closely do Dillard's, Inc. (DDS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DDS and SPY?
Across a 3-year window, the weekly returns of DDS and SPY correlate at 0.37, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.18 versus 0.37 over 3 years. Stretching to 5 years gives 0.45, with an annualized covariance of 220.7 %².
SPY is close to the least connected end of DDS's tracked universe, ranking #7 of 11. Neither side won the trailing year by much: +20.2% against +20.6%. Risk is not evenly split, since DDS carries 2.8 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.
DDS vs SPY: side by side
| DDS (Dillard's, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.2% | +20.6% |
| 5-year return | +310.3% | +82.4% |
| Volatility (ann.) | 41.0% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -42.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 14.5 | – |
| Dividend yield | 0.09% | 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 | DDS | SPY |
|---|---|---|
| 2022 | +38.7% | -18.2% |
| 2023 | +32.1% | +26.2% |
| 2024 | +13.5% | +24.9% |
| 2025 | +46.8% | +17.7% |
| 2026 | +4.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DDS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DDS and SPY?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.18 over the last year and 0.45 over 5 years.
Is SPY a good diversifier for DDS?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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: DDS correlations · SPY correlations
