DELL vs SPY: Correlation
How closely do Dell Technologies (DELL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DELL and SPY?
Across a 3-year window, the weekly returns of DELL and SPY correlate at 0.48, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.34 versus 0.48 over 3 years. Stretching to 5 years gives 0.49, with an annualized covariance of 422.7 %².
Within DELL's tracked universe of 29 assets, SPY comes in at #18 by 3-year correlation. The last year tells two different stories: DELL led by 240.4 percentage points, +261.0% for DELL against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.30 to 0.73. One caveat on sizing: DELL is 4.2 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.
DELL vs SPY: side by side
| DELL (Dell Technologies) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +261.0% | +20.6% |
| 5-year return | +945.0% | +82.4% |
| Volatility (ann.) | 61.3% | 14.5% |
| Beta vs S&P 500 | 2.02 | 1.00 |
| Max drawdown (3Y) | -59.6% | -18.8% |
| Market cap | $305.1B | – |
| P/E (trailing) | 36.9 | – |
| Dividend yield | 0.48% | 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 | DELL | SPY |
|---|---|---|
| 2022 | -26.6% | -18.2% |
| 2023 | +95.9% | +26.2% |
| 2024 | +53.0% | +24.9% |
| 2025 | +11.2% | +17.7% |
| 2026 | +278.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.2% of SPY is DELL itself, so the fund partly moves with the stock by construction.
Are DELL and SPY good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DELL and SPY?
The DELL/SPY correlation stands at 0.48 on a 3-year window (1 year: 0.34, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DELL?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DELL correlations · SPY correlations
