DHI vs SPY: Correlation
How closely do D. R. Horton (DHI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHI and SPY?
Over the past 3 years, DHI and SPY moved with a correlation of 0.34, which is moderate. Recent behaviour matches the longer record: 0.35 over 1 year against 0.34 over 3. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 164.1 %².
Among the 31 assets we track against DHI, SPY ranks #20 by 3-year correlation. The last year tells two different stories: SPY led by 32.8 percentage points, -12.2% for DHI against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between 0.10 and 0.70 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: DHI runs 2.3 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.
DHI vs SPY: side by side
| DHI (D. R. Horton) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -12.2% | +20.6% |
| 5-year return | +59.2% | +82.4% |
| Volatility (ann.) | 33.5% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -41.3% | -18.8% |
| Market cap | $40.6B | – |
| P/E (trailing) | 14.2 | – |
| Dividend yield | 1.17% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | DHI | SPY |
|---|---|---|
| 2022 | -16.8% | -18.2% |
| 2023 | +72.1% | +26.2% |
| 2024 | -7.2% | +24.9% |
| 2025 | +4.2% | +17.7% |
| 2026 | +1.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.06% of SPY is DHI itself, so the fund partly moves with the stock by construction.
Are DHI and SPY good diversifiers for each other?
Reasonably. At 0.34, DHI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DHI and SPY?
As of 2026-08-27, the correlation of weekly returns between DHI and SPY is 0.34 over 3 years, 0.35 over 1 year and 0.48 over 5 years.
Is SPY a good diversifier for DHI?
Reasonably. At 0.34, DHI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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: DHI correlations · SPY correlations
