DHR vs SPY: Correlation
How closely do Danaher Corporation (DHR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHR and SPY?
Over the past 3 years, DHR and SPY moved with a correlation of 0.40, which is moderate. The past 12 months show a weaker link (0.20) than the 3-year average (0.40). Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 171.9 %².
Among the 49 assets we track against DHR, SPY ranks #32 by 3-year correlation. The trailing year gives SPY the advantage: +6.0% versus +20.6%, a 14.6-point spread. Across three years, the rolling one-year figure varied moderately, from 0.23 to 0.68. One caveat on sizing: DHR is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DHR vs SPY: side by side
| DHR (Danaher Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.0% | +20.6% |
| 5-year return | -23.8% | +82.4% |
| Volatility (ann.) | 29.5% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -41.7% | -18.8% |
| Market cap | $151.6B | – |
| P/E (trailing) | 38.4 | – |
| Dividend yield | 0.67% | 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 | DHR | SPY |
|---|---|---|
| 2022 | -19.0% | -18.2% |
| 2023 | -1.2% | +26.2% |
| 2024 | -0.3% | +24.9% |
| 2025 | +0.4% | +17.7% |
| 2026 | -5.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.2% of SPY is DHR itself, so the fund partly moves with the stock by construction.
Are DHR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DHR and SPY?
As of 2026-08-27, the correlation of weekly returns between DHR and SPY is 0.40 over 3 years, 0.20 over 1 year and 0.53 over 5 years.
Is SPY a good diversifier for DHR?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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: DHR correlations · SPY correlations
