DOO vs SPY: Correlation
Measured on weekly returns over the past three years, BRP Inc. - Common Subordinate Voting Shares (DOO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOO and SPY?
On 3 years of weekly data the DOO/SPY correlation comes out at 0.23, weak. Lately the two have drifted apart, with the 1-year correlation at -0.04 versus 0.23 over 3 years. The 5-year figure is 0.44, and annualized covariance runs at 138.3 %².
Within DOO's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. The trailing year gives SPY the advantage: +10.0% versus +20.6%, a 10.6-point spread. Risk is not evenly split, since DOO carries 2.9 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.
DOO vs SPY: side by side
| DOO (BRP Inc. - Common Subordinate Voting Shares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.0% | +20.6% |
| 5-year return | -24.2% | +82.4% |
| Volatility (ann.) | 41.6% | 14.5% |
| Beta vs S&P 500 | 0.66 | 1.00 |
| Max drawdown (3Y) | -58.9% | -18.8% |
| Market cap | $4.6B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 1.49% | 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 | DOO | SPY |
|---|---|---|
| 2022 | -12.3% | -18.2% |
| 2023 | -5.4% | +26.2% |
| 2024 | -28.3% | +24.9% |
| 2025 | +40.8% | +17.7% |
| 2026 | -11.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOO and SPY good diversifiers for each other?
Reasonably. At 0.23, DOO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DOO and SPY?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with -0.04 over the last year and 0.44 over 5 years.
Is SPY a good diversifier for DOO?
Reasonably. At 0.23, DOO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DOO correlations · SPY correlations
