DFIN vs SPY: Correlation
Measured on weekly returns over the past three years, Donnelley Financial Solutions, Inc. (DFIN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFIN and SPY?
Across a 3-year window, the weekly returns of DFIN and SPY correlate at 0.37, moderate. The link has loosened recently: the 1-year correlation (0.24) runs below the 3-year figure (0.37). Stretching to 5 years gives 0.45, with an annualized covariance of 227.2 %².
Out of 14 assets tracked against DFIN, SPY lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 36.2 percentage points (-15.6% for DFIN against +20.6% for SPY). One caveat on sizing: DFIN is 2.9 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.
DFIN vs SPY: side by side
| DFIN (Donnelley Financial Solutions, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -15.6% | +20.6% |
| 5-year return | +44.0% | +82.4% |
| Volatility (ann.) | 42.1% | 14.5% |
| Beta vs S&P 500 | 1.09 | 1.00 |
| Max drawdown (3Y) | -47.4% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 30.9 | – |
| Dividend yield | 0.00% | 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 | DFIN | SPY |
|---|---|---|
| 2022 | -18.0% | -18.2% |
| 2023 | +61.4% | +26.2% |
| 2024 | +0.6% | +24.9% |
| 2025 | -25.6% | +17.7% |
| 2026 | +2.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFIN and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DFIN and SPY?
The DFIN/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.24, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DFIN?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
A reading of 0.37 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: DFIN correlations · SPY correlations
