DOX vs SPY: Correlation
How closely do Amdocs Limited (DOX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOX and SPY?
On 3 years of weekly data the DOX/SPY correlation comes out at 0.37, moderate. Recent behaviour matches the longer record: 0.31 over 1 year against 0.37 over 3. The 5-year figure is 0.45, and annualized covariance runs at 112.7 %².
By 3-year correlation, SPY places #16 of the 22 assets tracked against DOX. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 46.2 percentage points (-25.6% for DOX against +20.6% for SPY).
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.
DOX vs SPY: side by side
| DOX (Amdocs Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -25.6% | +20.6% |
| 5-year return | -8.4% | +82.4% |
| Volatility (ann.) | 21.3% | 14.5% |
| Beta vs S&P 500 | 0.54 | 1.00 |
| Max drawdown (3Y) | -45.5% | -18.8% |
| Market cap | $6.5B | – |
| P/E (trailing) | 14.8 | – |
| Dividend yield | 3.52% | 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 | DOX | SPY |
|---|---|---|
| 2022 | +23.8% | -18.2% |
| 2023 | -1.4% | +26.2% |
| 2024 | -0.9% | +24.9% |
| 2025 | -3.1% | +17.7% |
| 2026 | -20.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOX 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 DOX and SPY?
The DOX/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.31, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DOX?
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?
A reading of 0.37 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: DOX correlations · SPY correlations
