DGX vs SPY: Correlation
Measured on weekly returns over the past three years, Quest Diagnostics (DGX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGX and SPY?
Across a 3-year window, the weekly returns of DGX and SPY correlate at 0.07, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.24 versus 0.07 over 3 years. Stretching to 5 years gives 0.26, with an annualized covariance of 19.1 %².
Within DGX's tracked universe of 32 assets, SPY comes in at #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DGX outperformed by 17.9 percentage points (+38.5% for DGX against +20.6% for SPY). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.23 to 0.45.
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.
DGX vs SPY: side by side
| DGX (Quest Diagnostics) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +38.5% | +20.6% |
| 5-year return | +78.8% | +82.4% |
| Volatility (ann.) | 19.1% | 14.5% |
| Beta vs S&P 500 | 0.09 | 1.00 |
| Max drawdown (3Y) | -12.4% | -18.8% |
| Market cap | $27.0B | – |
| P/E (trailing) | 26.0 | – |
| Dividend yield | 1.36% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | DGX | SPY |
|---|---|---|
| 2022 | -7.8% | -18.2% |
| 2023 | -10.1% | +26.2% |
| 2024 | +11.8% | +24.9% |
| 2025 | +17.2% | +17.7% |
| 2026 | +42.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGX and SPY good diversifiers for each other?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGX and SPY?
As of 2026-08-27, the correlation of weekly returns between DGX and SPY is 0.07 over 3 years, -0.24 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for DGX?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.07 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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Hubs: DGX correlations · SPY correlations
