DK vs SPY: Correlation
How closely do Delek US Holdings, Inc. (DK) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DK and SPY?
Across a 3-year window, the weekly returns of DK and SPY correlate at 0.14, weak. The past 12 months show a weaker link (-0.35) than the 3-year average (0.14). Stretching to 5 years gives 0.15, with an annualized covariance of 111.1 %².
SPY is close to the least connected end of DK's tracked universe, ranking #10 of 14. Correlation aside, the last 12 months split them widely, with DK ahead by 145.3 points (+165.9% versus +20.6%). Note the risk asymmetry: DK runs 3.8 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.
DK vs SPY: side by side
| DK (Delek US Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +165.9% | +20.6% |
| 5-year return | +392.8% | +82.4% |
| Volatility (ann.) | 54.6% | 14.5% |
| Beta vs S&P 500 | 0.53 | 1.00 |
| Max drawdown (3Y) | -63.6% | -18.8% |
| Market cap | $4.3B | – |
| P/E (trailing) | 19.3 | – |
| Dividend yield | 1.44% | 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 | DK | SPY |
|---|---|---|
| 2022 | +84.0% | -18.2% |
| 2023 | -0.8% | +26.2% |
| 2024 | -25.0% | +24.9% |
| 2025 | +68.7% | +17.7% |
| 2026 | +140.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DK and SPY good diversifiers for each other?
Yes. With a correlation of 0.14, DK and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DK and SPY?
As of 2026-08-27, the correlation of weekly returns between DK and SPY is 0.14 over 3 years, -0.35 over 1 year and 0.15 over 5 years.
Is SPY a good diversifier for DK?
Yes. With a correlation of 0.14, DK and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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: DK correlations · SPY correlations
