DGP vs SPY: Correlation
Measured on weekly returns over the past three years, DB Gold Double Long ETN due February 15, 2038 (DGP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGP and SPY?
Across a 3-year window, the weekly returns of DGP and SPY correlate at 0.15, weak. Lately the two have moved closer together, with the 1-year correlation at 0.41 versus 0.15 over 3 years. Stretching to 5 years gives 0.17, with an annualized covariance of 80.1 %².
SPY is close to the least connected end of DGP's tracked universe, ranking #10 of 13. The last year tells two different stories: DGP led by 41.3 percentage points, +61.9% for DGP against +20.6% for SPY. Risk is not evenly split, since DGP carries 2.6 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.
DGP vs SPY: side by side
| DGP (DB Gold Double Long ETN due February 15, 2038) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +61.9% | +20.6% |
| 5-year return | +336.5% | +82.4% |
| Volatility (ann.) | 37.4% | 14.5% |
| Beta vs S&P 500 | 0.38 | 1.00 |
| Max drawdown (3Y) | -47.6% | -18.8% |
| Dividend yield | – | 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 | DGP | SPY |
|---|---|---|
| 2022 | -5.5% | -18.2% |
| 2023 | +17.0% | +26.2% |
| 2024 | +53.2% | +24.9% |
| 2025 | +141.4% | +17.7% |
| 2026 | +5.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGP and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between DGP and SPY?
The DGP/SPY correlation stands at 0.15 on a 3-year window (1 year: 0.41, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DGP?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
What does a correlation of 0.15 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: DGP correlations · SPY correlations
