DPZ vs HYG: Correlation
Domino's (DPZ) and iShares iBoxx High Yield Corporate Bond ETF (HYG) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DPZ and HYG?
On 3 years of weekly data the DPZ/HYG correlation comes out at 0.41, moderate. Recent behaviour matches the longer record: 0.34 over 1 year against 0.41 over 3. The 5-year figure is 0.38, and annualized covariance runs at 53.6 %².
Within DPZ's tracked universe of 31 assets, HYG comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HYG outperformed by 29.8 percentage points (-25.2% for DPZ against +4.6% for HYG). The rolling one-year correlation moved between 0.25 and 0.59 over the past three years, a moderate range. One caveat on sizing: DPZ is 5.9 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.
DPZ vs HYG: side by side
| DPZ (Domino's) | HYG (iShares iBoxx High Yield Corporate Bond ETF) | |
|---|---|---|
| 1-year return | -25.2% | +4.6% |
| 5-year return | -31.2% | +19.9% |
| Volatility (ann.) | 27.8% | 4.7% |
| Beta vs S&P 500 | 0.67 | 0.22 |
| Max drawdown (3Y) | -45.1% | -4.6% |
| Market cap | $11.0B | – |
| P/E (trailing) | 19.5 | – |
| Dividend yield | 2.17% | 5.94% |
| Expense ratio | – | 0.49% |
| Assets under management | – | $17.1B |
| Sector / category | Consumer Discretionary | ETF · Bonds |
HYG is a High Yield Bond fund from iShares: $17.1B under management, a 0.49% expense ratio, a 5.94% trailing dividend yield.
Year-by-year returns
| Year | DPZ | HYG |
|---|---|---|
| 2022 | -37.9% | -11.0% |
| 2023 | +20.7% | +11.5% |
| 2024 | +3.2% | +8.0% |
| 2025 | +0.9% | +8.6% |
| 2026 | -19.4% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DPZ and HYG good diversifiers for each other?
Reasonably. At 0.41, DPZ and HYG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DPZ and HYG?
The DPZ/HYG correlation stands at 0.41 on a 3-year window (1 year: 0.34, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is HYG a good diversifier for DPZ?
Reasonably. At 0.41, DPZ and HYG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dpz-vs-hyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dpz-vs-hyg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DPZ correlations · HYG correlations
