DNOW vs SPY: Correlation
DNOW Inc. (DNOW) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DNOW and SPY?
Over the past 3 years, DNOW and SPY moved with a correlation of 0.28, which is weak. The past 12 months show a weaker link (0.09) than the 3-year average (0.28). Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 174.3 %².
Among the 10 assets we track against DNOW, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 18.5 points (+2.1% versus +20.6%). One caveat on sizing: DNOW is 3.0 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.
DNOW vs SPY: side by side
| DNOW (DNOW Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.1% | +20.6% |
| 5-year return | +111.4% | +82.4% |
| Volatility (ann.) | 43.7% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -36.8% | -18.8% |
| Market cap | $2.9B | – |
| 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 | DNOW | SPY |
|---|---|---|
| 2022 | +48.7% | -18.2% |
| 2023 | -10.9% | +26.2% |
| 2024 | +14.9% | +24.9% |
| 2025 | +1.8% | +17.7% |
| 2026 | +22.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNOW and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DNOW and SPY?
As of 2026-08-27, the correlation of weekly returns between DNOW and SPY is 0.28 over 3 years, 0.09 over 1 year and 0.30 over 5 years.
Is SPY a good diversifier for DNOW?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: DNOW correlations · SPY correlations
