DEA vs SPY: Correlation
How closely do Easterly Government Properties, Inc. (DEA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DEA and SPY?
Across a 3-year window, the weekly returns of DEA and SPY correlate at 0.26, weak. Little has changed lately, as the 1-year reading of 0.29 lands near the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 97.3 %².
By 3-year correlation, SPY places #10 of the 15 assets tracked against DEA. On 12-month performance SPY holds a 5.4-point edge, +15.2% against +20.6%. One caveat on sizing: DEA is 1.8 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.
DEA vs SPY: side by side
| DEA (Easterly Government Properties, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.2% | +20.6% |
| 5-year return | -33.0% | +82.4% |
| Volatility (ann.) | 25.9% | 14.5% |
| Beta vs S&P 500 | 0.47 | 1.00 |
| Max drawdown (3Y) | -42.2% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 129.4 | – |
| Dividend yield | 7.27% | 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 | DEA | SPY |
|---|---|---|
| 2022 | -34.0% | -18.2% |
| 2023 | +1.8% | +26.2% |
| 2024 | -7.9% | +24.9% |
| 2025 | -18.6% | +17.7% |
| 2026 | +22.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DEA and SPY good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DEA and SPY?
The DEA/SPY correlation stands at 0.26 on a 3-year window (1 year: 0.29, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DEA?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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: DEA correlations · SPY correlations
