DKS vs SKYE: Correlation
Dick's Sporting Goods Inc (DKS) and Skye Bioscience, Inc. (SKYE) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DKS and SKYE?
Over the past 3 years, DKS and SKYE moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.59) runs below the 3-year figure (-0.26). Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -4142.2 %².
Among the 18 assets we track against DKS, SKYE ranks #9 by 3-year correlation. Their 12-month results are close: -40.3% for DKS against -43.6% for SKYE. One caveat on sizing: SKYE is 9.2 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.
DKS vs SKYE: side by side
| DKS (Dick's Sporting Goods Inc) | SKYE (Skye Bioscience, Inc.) | |
|---|---|---|
| 1-year return | -40.3% | -43.6% |
| 5-year return | +8.3% | -94.3% |
| Volatility (ann.) | 41.9% | 384.6% |
| Beta vs S&P 500 | 1.33 | 2.80 |
| Max drawdown (3Y) | -48.5% | -98.4% |
| Market cap | $11.8B | – |
| P/E (trailing) | 14.5 | – |
| Dividend yield | 3.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DKS | SKYE |
|---|---|---|
| 2022 | +6.6% | -69.2% |
| 2023 | +25.9% | -32.0% |
| 2024 | +58.9% | +4.0% |
| 2025 | -11.5% | -73.5% |
| 2026 | -32.6% | +160.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DKS and SKYE good diversifiers for each other?
Yes. With a correlation of -0.26, DKS and SKYE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DKS and SKYE?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.59 over the last year and -0.19 over 5 years.
Is SKYE a good diversifier for DKS?
Yes. With a correlation of -0.26, DKS and SKYE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dks-vs-skye.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dks-vs-skye/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DKS correlations · SKYE correlations
