DOCS vs SPY: Correlation
Measured on weekly returns over the past three years, Doximity, Inc. (DOCS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOCS and SPY?
Across a 3-year window, the weekly returns of DOCS and SPY correlate at 0.37, moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. Stretching to 5 years gives 0.43, with an annualized covariance of 319.8 %².
Among the 15 assets we track against DOCS, SPY ranks #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 83.0 percentage points (-62.4% for DOCS against +20.6% for SPY). Risk is not evenly split, since DOCS carries 4.1 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.
DOCS vs SPY: side by side
| DOCS (Doximity, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -62.4% | +20.6% |
| 5-year return | -69.1% | +82.4% |
| Volatility (ann.) | 59.8% | 14.5% |
| Beta vs S&P 500 | 1.53 | 1.00 |
| Max drawdown (3Y) | -78.3% | -18.8% |
| Market cap | $4.6B | – |
| P/E (trailing) | 29.4 | – |
| 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 | DOCS | SPY |
|---|---|---|
| 2022 | -33.1% | -18.2% |
| 2023 | -16.4% | +26.2% |
| 2024 | +90.4% | +24.9% |
| 2025 | -17.1% | +17.7% |
| 2026 | -42.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOCS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DOCS and SPY?
The DOCS/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.41, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DOCS?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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: DOCS correlations · SPY correlations
