DKNG vs SPY: Correlation
Measured on weekly returns over the past three years, DraftKings Inc. (DKNG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DKNG and SPY?
Over the past 3 years, DKNG and SPY moved with a correlation of 0.48, which is moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.48). Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 343.5 %².
Among the 12 assets we track against DKNG, SPY ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 69.9 percentage points (-49.3% for DKNG against +20.6% for SPY). Risk is not evenly split, since DKNG carries 3.4 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.
DKNG vs SPY: side by side
| DKNG (DraftKings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -49.3% | +20.6% |
| 5-year return | -59.1% | +82.4% |
| Volatility (ann.) | 50.0% | 14.5% |
| Beta vs S&P 500 | 1.64 | 1.00 |
| Max drawdown (3Y) | -61.3% | -18.8% |
| Market cap | $12.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | DKNG | SPY |
|---|---|---|
| 2022 | -58.5% | -18.2% |
| 2023 | +209.5% | +26.2% |
| 2024 | +5.5% | +24.9% |
| 2025 | -7.4% | +17.7% |
| 2026 | -29.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DKNG and SPY good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DKNG and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.31 over the last year and 0.52 over 5 years.
Is SPY a good diversifier for DKNG?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: DKNG correlations · SPY correlations
