DRH vs SPY: Correlation
How closely do Diamondrock Hospitality Company (DRH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DRH and SPY?
On 3 years of weekly data the DRH/SPY correlation comes out at 0.46, moderate. The past 12 months show a weaker link (0.02) than the 3-year average (0.46). The 5-year figure is 0.53, and annualized covariance runs at 166.9 %².
Among the 20 assets we track against DRH, SPY ranks #13 by 3-year correlation. The last year tells two different stories: DRH led by 33.2 percentage points, +53.8% for DRH against +20.6% for SPY. Note the risk asymmetry: DRH runs 1.7 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.
DRH vs SPY: side by side
| DRH (Diamondrock Hospitality Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +53.8% | +20.6% |
| 5-year return | +60.8% | +82.4% |
| Volatility (ann.) | 25.1% | 14.5% |
| Beta vs S&P 500 | 0.80 | 1.00 |
| Max drawdown (3Y) | -31.9% | -18.8% |
| Market cap | $2.6B | – |
| P/E (trailing) | 17.6 | – |
| Dividend yield | 3.84% | 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 | DRH | SPY |
|---|---|---|
| 2022 | -13.8% | -18.2% |
| 2023 | +16.3% | +26.2% |
| 2024 | -0.3% | +24.9% |
| 2025 | +3.7% | +17.7% |
| 2026 | +44.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DRH and SPY good diversifiers for each other?
Reasonably. At 0.46, DRH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DRH and SPY?
The DRH/SPY correlation stands at 0.46 on a 3-year window (1 year: 0.02, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DRH?
Reasonably. At 0.46, DRH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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: DRH correlations · SPY correlations
