DKS vs SPY: Correlation
Measured on weekly returns over the past three years, Dick's Sporting Goods Inc (DKS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DKS and SPY?
Across a 3-year window, the weekly returns of DKS and SPY correlate at 0.46, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.35 versus 0.46 over 3 years. Stretching to 5 years gives 0.43, with an annualized covariance of 278.5 %².
Among the 18 assets we track against DKS, SPY ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 60.9 percentage points (-40.3% for DKS against +20.6% for SPY). One caveat on sizing: DKS is 2.9 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 SPY: side by side
| DKS (Dick's Sporting Goods Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -40.3% | +20.6% |
| 5-year return | +8.3% | +82.4% |
| Volatility (ann.) | 41.9% | 14.5% |
| Beta vs S&P 500 | 1.33 | 1.00 |
| Max drawdown (3Y) | -48.5% | -18.8% |
| Market cap | $11.8B | – |
| P/E (trailing) | 14.5 | – |
| Dividend yield | 3.80% | 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 | DKS | SPY |
|---|---|---|
| 2022 | +6.6% | -18.2% |
| 2023 | +25.9% | +26.2% |
| 2024 | +58.9% | +24.9% |
| 2025 | -11.5% | +17.7% |
| 2026 | -32.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DKS and SPY good diversifiers for each other?
Reasonably. At 0.46, DKS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DKS and SPY?
The DKS/SPY correlation stands at 0.46 on a 3-year window (1 year: 0.35, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DKS?
Reasonably. At 0.46, DKS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 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.
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Hubs: DKS correlations · SPY correlations
