DPRO vs SPY: Correlation
Draganfly Inc. (DPRO) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DPRO and SPY?
Across a 3-year window, the weekly returns of DPRO and SPY correlate at 0.27, weak. The link has tightened recently: the 1-year correlation (0.42) runs above the 3-year figure (0.27). Stretching to 5 years gives 0.26, with an annualized covariance of 461.1 %².
SPY is close to the least connected end of DPRO's tracked universe, ranking #9 of 12. The last year tells two different stories: SPY led by 25.8 percentage points, -5.2% for DPRO against +20.6% for SPY. Note the risk asymmetry: DPRO runs 8.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DPRO vs SPY: side by side
| DPRO (Draganfly Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -5.2% | +20.6% |
| 5-year return | -93.9% | +82.4% |
| Volatility (ann.) | 118.7% | 14.5% |
| Beta vs S&P 500 | 2.21 | 1.00 |
| Max drawdown (3Y) | -92.7% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| 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 | DPRO | SPY |
|---|---|---|
| 2022 | -54.0% | -18.2% |
| 2023 | -36.0% | +26.2% |
| 2024 | -66.6% | +24.9% |
| 2025 | +72.3% | +17.7% |
| 2026 | -36.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DPRO and SPY good diversifiers for each other?
Reasonably. At 0.27, DPRO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DPRO and SPY?
As of 2026-08-27, the correlation of weekly returns between DPRO and SPY is 0.27 over 3 years, 0.42 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for DPRO?
Reasonably. At 0.27, DPRO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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: DPRO correlations · SPY correlations
