DMRC vs SPY: Correlation
Digimarc Corporation (DMRC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMRC and SPY?
Across a 3-year window, the weekly returns of DMRC and SPY correlate at 0.45, moderate. The link has tightened recently: the 1-year correlation (0.57) runs above the 3-year figure (0.45). Stretching to 5 years gives 0.41, with an annualized covariance of 496.5 %².
Within DMRC's tracked universe of 16 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 46.7 percentage points (-26.1% for DMRC against +20.6% for SPY). One caveat on sizing: DMRC is 5.3 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.
DMRC vs SPY: side by side
| DMRC (Digimarc Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -26.1% | +20.6% |
| 5-year return | -77.7% | +82.4% |
| Volatility (ann.) | 76.3% | 14.5% |
| Beta vs S&P 500 | 2.38 | 1.00 |
| Max drawdown (3Y) | -90.8% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | DMRC | SPY |
|---|---|---|
| 2022 | -53.2% | -18.2% |
| 2023 | +95.3% | +26.2% |
| 2024 | +3.7% | +24.9% |
| 2025 | -82.5% | +17.7% |
| 2026 | -4.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMRC and SPY good diversifiers for each other?
Reasonably. At 0.45, DMRC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DMRC and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.57 over the last year and 0.41 over 5 years.
Is SPY a good diversifier for DMRC?
Reasonably. At 0.45, DMRC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 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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Related comparisons
Hubs: DMRC correlations · SPY correlations
