DLO vs SPY: Correlation
Measured on weekly returns over the past three years, DLocal Limited - Class A (DLO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLO and SPY?
Over the past 3 years, DLO and SPY moved with a correlation of 0.32, which is moderate. The relationship has been stable: the 1-year correlation (0.36) sits close to the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 255.3 %².
Out of 11 assets tracked against DLO, SPY lands near the bottom at #7. The trailing year gives SPY the advantage: +6.3% versus +20.6%, a 14.3-point spread. Risk is not evenly split, since DLO carries 3.8 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.
DLO vs SPY: side by side
| DLO (DLocal Limited - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.3% | +20.6% |
| 5-year return | -74.1% | +82.4% |
| Volatility (ann.) | 55.6% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -68.6% | -18.8% |
| Market cap | $4.5B | – |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 1.26% | 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 | DLO | SPY |
|---|---|---|
| 2022 | -56.4% | -18.2% |
| 2023 | +13.6% | +26.2% |
| 2024 | -36.3% | +24.9% |
| 2025 | +31.7% | +17.7% |
| 2026 | +8.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DLO and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.36 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for DLO?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 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/dlo-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dlo-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DLO correlations · SPY correlations
