DNLI vs SPY: Correlation
How closely do Denali Therapeutics Inc. (DNLI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DNLI and SPY?
On 3 years of weekly data the DNLI/SPY correlation comes out at 0.48, moderate. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.48). The 5-year figure is 0.47, and annualized covariance runs at 422.6 %².
By 3-year correlation, SPY places #15 of the 25 assets tracked against DNLI. Correlation aside, the last 12 months split them widely, with DNLI ahead by 37.5 points (+58.1% versus +20.6%). Note the risk asymmetry: DNLI runs 4.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DNLI vs SPY: side by side
| DNLI (Denali Therapeutics Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +58.1% | +20.6% |
| 5-year return | -53.4% | +82.4% |
| Volatility (ann.) | 60.6% | 14.5% |
| Beta vs S&P 500 | 2.02 | 1.00 |
| Max drawdown (3Y) | -63.7% | -18.8% |
| Market cap | $3.9B | – |
| 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 | DNLI | SPY |
|---|---|---|
| 2022 | -37.6% | -18.2% |
| 2023 | -22.8% | +26.2% |
| 2024 | -5.0% | +24.9% |
| 2025 | -19.0% | +17.7% |
| 2026 | +49.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNLI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DNLI and SPY?
As of 2026-08-27, the correlation of weekly returns between DNLI and SPY is 0.48 over 3 years, 0.32 over 1 year and 0.47 over 5 years.
Is SPY a good diversifier for DNLI?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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: DNLI correlations · SPY correlations
