DEI vs SPY: Correlation
Douglas Emmett, Inc. (DEI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DEI and SPY?
Across a 3-year window, the weekly returns of DEI and SPY correlate at 0.40, moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 207.6 %².
By 3-year correlation, SPY places #19 of the 24 assets tracked against DEI. Correlation aside, the last 12 months split them widely, with SPY ahead by 41.7 points (-21.1% versus +20.6%). One caveat on sizing: DEI is 2.5 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.
DEI vs SPY: side by side
| DEI (Douglas Emmett, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -21.1% | +20.6% |
| 5-year return | -52.6% | +82.4% |
| Volatility (ann.) | 35.7% | 14.5% |
| Beta vs S&P 500 | 0.99 | 1.00 |
| Max drawdown (3Y) | -51.8% | -18.8% |
| Market cap | $2.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.35% | 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 | DEI | SPY |
|---|---|---|
| 2022 | -50.9% | -18.2% |
| 2023 | -1.9% | +26.2% |
| 2024 | +34.6% | +24.9% |
| 2025 | -37.5% | +17.7% |
| 2026 | +12.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DEI and SPY good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DEI and SPY?
As of 2026-08-27, the correlation of weekly returns between DEI and SPY is 0.40 over 3 years, 0.40 over 1 year and 0.45 over 5 years.
Is SPY a good diversifier for DEI?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 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: DEI correlations · SPY correlations
