DGII vs SPY: Correlation
How closely do Digi International Inc. (DGII) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGII and SPY?
Over the past 3 years, DGII and SPY moved with a correlation of 0.46, which is moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 263.6 %².
Out of 10 assets tracked against DGII, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with DGII ahead by 105.4 points (+126.0% versus +20.6%). Note the risk asymmetry: DGII runs 2.8 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.
DGII vs SPY: side by side
| DGII (Digi International Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +126.0% | +20.6% |
| 5-year return | +253.2% | +82.4% |
| Volatility (ann.) | 40.0% | 14.5% |
| Beta vs S&P 500 | 1.26 | 1.00 |
| Max drawdown (3Y) | -35.2% | -18.8% |
| Market cap | $2.9B | – |
| P/E (trailing) | 60.5 | – |
| 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 | DGII | SPY |
|---|---|---|
| 2022 | +48.8% | -18.2% |
| 2023 | -28.9% | +26.2% |
| 2024 | +16.3% | +24.9% |
| 2025 | +43.2% | +17.7% |
| 2026 | +78.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGII and SPY good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DGII and SPY?
The DGII/SPY correlation stands at 0.46 on a 3-year window (1 year: 0.42, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DGII?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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: DGII correlations · SPY correlations
