DOCU vs SPY: Correlation
Measured on weekly returns over the past three years, DocuSign, Inc. (DOCU) 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 DOCU and SPY?
On 3 years of weekly data the DOCU/SPY correlation comes out at 0.37, moderate. Little has changed lately, as the 1-year reading of 0.28 lands near the 3-year figure. The 5-year figure is 0.52, and annualized covariance runs at 254.7 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against DOCU. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 35.2 percentage points (-14.6% for DOCU against +20.6% for SPY). One caveat on sizing: DOCU is 3.3 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.
DOCU vs SPY: side by side
| DOCU (DocuSign, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.6% | +20.6% |
| 5-year return | -79.0% | +82.4% |
| Volatility (ann.) | 48.0% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -61.0% | -18.8% |
| Market cap | $12.2B | – |
| P/E (trailing) | 41.4 | – |
| 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 | DOCU | SPY |
|---|---|---|
| 2022 | -63.6% | -18.2% |
| 2023 | +7.3% | +26.2% |
| 2024 | +51.3% | +24.9% |
| 2025 | -23.9% | +17.7% |
| 2026 | -6.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOCU and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DOCU and SPY?
The DOCU/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.28, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DOCU?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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: DOCU correlations · SPY correlations
