DG vs SPY: Correlation
Dollar General (DG) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.04.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DG and SPY?
Over the past 3 years, DG and SPY moved with a correlation of 0.04, which is near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.24 versus 0.04 over 3 years. Over 5 years the correlation is 0.16, and the annualized covariance of weekly returns is 23.8 %².
Among the 32 assets we track against DG, SPY ranks #22 by 3-year correlation. Over the last 12 months SPY came out ahead by 5.1 percentage points (+15.5% against +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.26 to 0.32. Note the risk asymmetry: DG runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DG vs SPY: side by side
| DG (Dollar General) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.5% | +20.6% |
| 5-year return | -39.3% | +82.4% |
| Volatility (ann.) | 38.5% | 14.5% |
| Beta vs S&P 500 | 0.11 | 1.00 |
| Max drawdown (3Y) | -56.6% | -18.8% |
| Market cap | $27.8B | – |
| P/E (trailing) | 17.4 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | DG | SPY |
|---|---|---|
| 2022 | +5.6% | -18.2% |
| 2023 | -44.1% | +26.2% |
| 2024 | -43.1% | +24.9% |
| 2025 | +79.6% | +17.7% |
| 2026 | -3.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DG and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
FAQ
What is the correlation between DG and SPY?
As of 2026-08-27, the correlation of weekly returns between DG and SPY is 0.04 over 3 years, 0.24 over 1 year and 0.16 over 5 years.
Is SPY a good diversifier for DG?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
What does a correlation of 0.04 mean?
On the −1 to +1 scale, 0.04 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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