DLR vs SPY: Correlation
Measured on weekly returns over the past three years, Digital Realty (DLR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLR and SPY?
Across a 3-year window, the weekly returns of DLR and SPY correlate at 0.39, moderate. The link has loosened recently: the 1-year correlation (0.22) runs below the 3-year figure (0.39). Stretching to 5 years gives 0.51, with an annualized covariance of 151.6 %².
By 3-year correlation, SPY places #17 of the 30 assets tracked against DLR. Their 12-month results are close: +16.4% for DLR against +20.6% for SPY. The rolling one-year correlation moved between 0.20 and 0.69 over the past three years, a moderate range. Risk is not evenly split, since DLR carries 1.9 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.
DLR vs SPY: side by side
| DLR (Digital Realty) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.4% | +20.6% |
| 5-year return | +40.3% | +82.4% |
| Volatility (ann.) | 27.1% | 14.5% |
| Beta vs S&P 500 | 0.73 | 1.00 |
| Max drawdown (3Y) | -29.4% | -18.8% |
| Market cap | $72.5B | – |
| P/E (trailing) | 94.2 | – |
| Dividend yield | 2.52% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | DLR | SPY |
|---|---|---|
| 2022 | -41.0% | -18.2% |
| 2023 | +39.9% | +26.2% |
| 2024 | +35.9% | +24.9% |
| 2025 | -10.1% | +17.7% |
| 2026 | +25.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds DLR at a 0.1% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are DLR and SPY good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DLR and SPY?
The DLR/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.22, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DLR?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
A reading of 0.39 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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Related comparisons
Hubs: DLR correlations · SPY correlations
