DNA vs SPY: Correlation
Measured on weekly returns over the past three years, Ginkgo Bioworks Holdings, Inc. (DNA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DNA and SPY?
Over the past 3 years, DNA and SPY moved with a correlation of 0.40, which is moderate. Recent behaviour matches the longer record: 0.37 over 1 year against 0.40 over 3. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 579.6 %².
Within DNA's tracked universe of 13 assets, SPY comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 61.8 percentage points (-41.2% for DNA against +20.6% for SPY). One caveat on sizing: DNA is 6.9 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.
DNA vs SPY: side by side
| DNA (Ginkgo Bioworks Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -41.2% | +20.6% |
| 5-year return | -98.2% | +82.4% |
| Volatility (ann.) | 100.2% | 14.5% |
| Beta vs S&P 500 | 2.77 | 1.00 |
| Max drawdown (3Y) | -94.3% | -18.8% |
| Market cap | $0.5B | – |
| 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 | DNA | SPY |
|---|---|---|
| 2022 | -79.7% | -18.2% |
| 2023 | +0.0% | +26.2% |
| 2024 | -85.5% | +24.9% |
| 2025 | -15.4% | +17.7% |
| 2026 | -12.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNA and SPY good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DNA and SPY?
As of 2026-08-27, the correlation of weekly returns between DNA and SPY is 0.40 over 3 years, 0.37 over 1 year and 0.46 over 5 years.
Is SPY a good diversifier for DNA?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
A reading of 0.40 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: DNA correlations · SPY correlations
