DIS vs SPY: Correlation
Measured on weekly returns over the past three years, Walt Disney Company (The) (DIS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIS and SPY?
Across a 3-year window, the weekly returns of DIS and SPY correlate at 0.50, moderate. The past 12 months show a tighter link (0.61) than the 3-year average (0.50). Stretching to 5 years gives 0.60, with an annualized covariance of 201.0 %².
Among the 37 assets we track against DIS, SPY ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 28.8 percentage points (-8.2% for DIS against +20.6% for SPY). The relationship is regime-dependent: the rolling one-year correlation swung between 0.13 and 0.68 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since DIS carries 1.9 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.
DIS vs SPY: side by side
| DIS (Walt Disney Company (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -8.2% | +20.6% |
| 5-year return | -38.8% | +82.4% |
| Volatility (ann.) | 27.7% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -32.9% | -18.8% |
| Market cap | $184.4B | – |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 1.37% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Communication Services | 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 | DIS | SPY |
|---|---|---|
| 2022 | -43.9% | -18.2% |
| 2023 | +4.3% | +26.2% |
| 2024 | +24.4% | +24.9% |
| 2025 | +3.3% | +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: 0.29% of SPY is DIS itself, so the fund partly moves with the stock by construction.
Are DIS and SPY good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DIS and SPY?
The DIS/SPY correlation stands at 0.50 on a 3-year window (1 year: 0.61, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DIS?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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: DIS correlations · SPY correlations
