DFNS vs SPY: Correlation
T3 Defense Inc. (DFNS) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is -0.05.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFNS and SPY?
Across a 3-year window, the weekly returns of DFNS and SPY correlate at -0.05, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (-0.07) sits close to the 3-year figure. Stretching to 5 years gives -0.03, with an annualized covariance of -4873.6 %².
By 3-year correlation, SPY places #11 of the 44 assets tracked against DFNS. Correlation aside, the last 12 months split them widely, with DFNS ahead by 172.9 points (+193.5% versus +20.6%). Risk is not evenly split, since DFNS carries 423.2 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.
DFNS vs SPY: side by side
| DFNS (T3 Defense Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +193.5% | +20.6% |
| 5-year return | -77.9% | +82.4% |
| Volatility (ann.) | 6136.1% | 14.5% |
| Beta vs S&P 500 | -23.33 | 1.00 |
| Max drawdown (3Y) | -99.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | DFNS | SPY |
|---|---|---|
| 2022 | +5.0% | -18.2% |
| 2023 | -62.5% | +26.2% |
| 2024 | +59.9% | +24.9% |
| 2025 | -89.0% | +17.7% |
| 2026 | +215.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFNS and SPY good diversifiers for each other?
Yes. With a correlation of -0.05, DFNS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DFNS and SPY?
Using weekly returns as of 2026-08-27: -0.05 over 3 years, with -0.07 over the last year and -0.03 over 5 years.
Is SPY a good diversifier for DFNS?
Yes. With a correlation of -0.05, DFNS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.05 mean?
On the −1 to +1 scale, -0.05 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: DFNS correlations · SPY correlations
