DLTR vs SPY: Correlation
Dollar Tree (DLTR) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLTR and SPY?
Over the past 3 years, DLTR and SPY moved with a correlation of 0.27, which is weak. The relationship has been stable: the 1-year correlation (0.18) sits close to the 3-year figure. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 146.7 %².
Within DLTR's tracked universe of 32 assets, SPY comes in at #19 by 3-year correlation. Over the last 12 months SPY came out ahead by 8.1 percentage points (+12.5% against +20.6%). On a rolling one-year basis the correlation drifted between 0.16 and 0.50, a moderate band. Risk is not evenly split, since DLTR carries 2.6 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.
DLTR vs SPY: side by side
| DLTR (Dollar Tree) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.5% | +20.6% |
| 5-year return | +39.7% | +82.4% |
| Volatility (ann.) | 37.3% | 14.5% |
| Beta vs S&P 500 | 0.70 | 1.00 |
| Max drawdown (3Y) | -59.2% | -18.8% |
| Market cap | $23.8B | – |
| P/E (trailing) | 21.2 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | DLTR | SPY |
|---|---|---|
| 2022 | +0.7% | -18.2% |
| 2023 | +0.4% | +26.2% |
| 2024 | -47.2% | +24.9% |
| 2025 | +64.1% | +17.7% |
| 2026 | +3.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLTR and SPY good diversifiers for each other?
Reasonably. At 0.27, DLTR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DLTR and SPY?
As of 2026-08-27, the correlation of weekly returns between DLTR and SPY is 0.27 over 3 years, 0.18 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for DLTR?
Reasonably. At 0.27, DLTR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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: DLTR correlations · SPY correlations
