DHI vs DJP: Correlation
D. R. Horton (DHI) and iPath Bloomberg Commodity Index Total Return ETN (DJP) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHI and DJP?
Over the past 3 years, DHI and DJP moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. Over 5 years the correlation is -0.11, and the annualized covariance of weekly returns is -136.7 %².
DJP is close to the least connected end of DHI's tracked universe, ranking #27 of 31. Their recent paths diverged sharply: over the last 12 months DJP outperformed by 61.4 percentage points (-12.2% for DHI against +49.2% for DJP). Risk is not evenly split, since DHI carries 2.1 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.
DHI vs DJP: side by side
| DHI (D. R. Horton) | DJP (iPath Bloomberg Commodity Index Total Return ETN) | |
|---|---|---|
| 1-year return | -12.2% | +49.2% |
| 5-year return | +59.2% | +82.1% |
| Volatility (ann.) | 33.5% | 16.3% |
| Beta vs S&P 500 | 0.79 | 0.11 |
| Max drawdown (3Y) | -41.3% | -16.4% |
| Market cap | $40.6B | – |
| P/E (trailing) | 14.2 | – |
| Dividend yield | 1.17% | – |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | DHI | DJP |
|---|---|---|
| 2022 | -16.8% | +17.5% |
| 2023 | +72.1% | -9.8% |
| 2024 | -7.2% | +5.6% |
| 2025 | +4.2% | +17.2% |
| 2026 | +1.8% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHI and DJP good diversifiers for each other?
Yes. With a correlation of -0.25, DHI and DJP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DHI and DJP?
The DHI/DJP correlation stands at -0.25 on a 3-year window (1 year: -0.25, 5 years: -0.11), computed from weekly returns as of 2026-08-27.
Is DJP a good diversifier for DHI?
Yes. With a correlation of -0.25, DHI and DJP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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.
Use this data
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Related comparisons
Hubs: DHI correlations · DJP correlations
