DOC vs SPY: Correlation
Healthpeak Properties (DOC) 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 DOC and SPY?
Across a 3-year window, the weekly returns of DOC and SPY correlate at 0.28, weak. The past 12 months show a weaker link (0.11) than the 3-year average (0.28). Stretching to 5 years gives 0.44, with an annualized covariance of 111.6 %².
Within DOC's tracked universe of 35 assets, SPY comes in at #24 by 3-year correlation. Over the last 12 months DOC came out ahead by 6.1 percentage points (+26.7% against +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.12 to 0.72. Risk is not evenly split, since DOC carries 1.9 times the volatility of the other side.
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.
DOC vs SPY: side by side
| DOC (Healthpeak Properties) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.7% | +20.6% |
| 5-year return | -21.6% | +82.4% |
| Volatility (ann.) | 27.1% | 14.5% |
| Beta vs S&P 500 | 0.53 | 1.00 |
| Max drawdown (3Y) | -26.0% | -18.8% |
| Market cap | $15.0B | – |
| P/E (trailing) | 62.4 | – |
| Dividend yield | 5.65% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | DOC | SPY |
|---|---|---|
| 2022 | -27.5% | -18.2% |
| 2023 | -16.4% | +26.2% |
| 2024 | +8.8% | +24.9% |
| 2025 | -15.2% | +17.7% |
| 2026 | +37.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOC 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 DOC and SPY?
The DOC/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.11, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DOC?
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: DOC correlations · SPY correlations
