DINO vs SPY: Correlation
HF Sinclair Corporation (DINO) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DINO and SPY?
Over the past 3 years, DINO and SPY moved with a correlation of 0.22, which is weak. The link has loosened recently: the 1-year correlation (-0.27) runs below the 3-year figure (0.22). Over 5 years the correlation is 0.20, and the annualized covariance of weekly returns is 117.1 %².
Out of 15 assets tracked against DINO, SPY lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months DINO outperformed by 79.1 percentage points (+99.7% for DINO against +20.6% for SPY). Risk is not evenly split, since DINO 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.
DINO vs SPY: side by side
| DINO (HF Sinclair Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +99.7% | +20.6% |
| 5-year return | +259.1% | +82.4% |
| Volatility (ann.) | 37.3% | 14.5% |
| Beta vs S&P 500 | 0.56 | 1.00 |
| Max drawdown (3Y) | -57.4% | -18.8% |
| Market cap | $17.2B | – |
| P/E (trailing) | 9.2 | – |
| Dividend yield | 2.07% | 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 | DINO | SPY |
|---|---|---|
| 2022 | +61.9% | -18.2% |
| 2023 | +11.0% | +26.2% |
| 2024 | -34.4% | +24.9% |
| 2025 | +38.1% | +17.7% |
| 2026 | +115.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DINO and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DINO and SPY?
As of 2026-08-27, the correlation of weekly returns between DINO and SPY is 0.22 over 3 years, -0.27 over 1 year and 0.20 over 5 years.
Is SPY a good diversifier for DINO?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 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: DINO correlations · SPY correlations
