DOLE vs SPY: Correlation
Measured on weekly returns over the past three years, Dole plc (DOLE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.17, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOLE and SPY?
Across a 3-year window, the weekly returns of DOLE and SPY correlate at 0.17, weak. The relationship has been stable: the 1-year correlation (0.09) sits close to the 3-year figure. Stretching to 5 years gives 0.28, with an annualized covariance of 58.4 %².
Out of 13 assets tracked against DOLE, SPY lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with SPY ahead by 26.1 points (-5.5% versus +20.6%). Risk is not evenly split, since DOLE carries 1.7 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.
DOLE vs SPY: side by side
| DOLE (Dole plc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -5.5% | +20.6% |
| 5-year return | -3.9% | +82.4% |
| Volatility (ann.) | 24.2% | 14.5% |
| Beta vs S&P 500 | 0.28 | 1.00 |
| Max drawdown (3Y) | -27.7% | -18.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 18.5 | – |
| Dividend yield | 2.49% | 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 | DOLE | SPY |
|---|---|---|
| 2022 | -25.3% | -18.2% |
| 2023 | +30.8% | +26.2% |
| 2024 | +12.8% | +24.9% |
| 2025 | +12.0% | +17.7% |
| 2026 | -7.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOLE and SPY good diversifiers for each other?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DOLE and SPY?
The DOLE/SPY correlation stands at 0.17 on a 3-year window (1 year: 0.09, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DOLE?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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: DOLE correlations · SPY correlations
