DNP vs SPY: Correlation
Measured on weekly returns over the past three years, DNP Select Income Fund, Inc. (DNP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DNP and SPY?
Over the past 3 years, DNP and SPY moved with a correlation of 0.31, which is moderate. Little has changed lately, as the 1-year reading of 0.21 lands near the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 59.0 %².
Out of 10 assets tracked against DNP, SPY lands near the bottom at #6. Twelve-month performance is nearly a tie, at +18.8% for DNP and +20.6% for SPY.
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.
DNP vs SPY: side by side
| DNP (DNP Select Income Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.8% | +20.6% |
| 5-year return | +47.1% | +82.4% |
| Volatility (ann.) | 13.3% | 14.5% |
| Beta vs S&P 500 | 0.28 | 1.00 |
| Max drawdown (3Y) | -16.2% | -18.8% |
| Market cap | $4.1B | – |
| P/E (trailing) | 5.9 | – |
| Dividend yield | 7.08% | 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 | DNP | SPY |
|---|---|---|
| 2022 | +11.0% | -18.2% |
| 2023 | -18.6% | +26.2% |
| 2024 | +13.4% | +24.9% |
| 2025 | +22.6% | +17.7% |
| 2026 | +14.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNP and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DNP and SPY?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.21 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for DNP?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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: DNP correlations · SPY correlations
