DRI vs SPY: Correlation
Measured on weekly returns over the past three years, Darden Restaurants (DRI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DRI and SPY?
Over the past 3 years, DRI and SPY moved with a correlation of 0.30, which is moderate. Recent behaviour matches the longer record: 0.30 over 1 year against 0.30 over 3. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 108.4 %².
Among the 34 assets we track against DRI, SPY ranks #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 15.0 percentage points (+5.6% for DRI against +20.6% for SPY). The rolling one-year correlation moved between 0.13 and 0.57 over the past three years, a moderate range. One caveat on sizing: DRI is 1.7 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.
DRI vs SPY: side by side
| DRI (Darden Restaurants) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.6% | +20.6% |
| 5-year return | +66.1% | +82.4% |
| Volatility (ann.) | 25.2% | 14.5% |
| Beta vs S&P 500 | 0.52 | 1.00 |
| Max drawdown (3Y) | -23.9% | -18.8% |
| Market cap | $24.0B | – |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 2.74% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | DRI | SPY |
|---|---|---|
| 2022 | -4.8% | -18.2% |
| 2023 | +22.8% | +26.2% |
| 2024 | +17.7% | +24.9% |
| 2025 | +1.6% | +17.7% |
| 2026 | +17.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DRI and SPY good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DRI and SPY?
The DRI/SPY correlation stands at 0.30 on a 3-year window (1 year: 0.30, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DRI?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 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.
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Hubs: DRI correlations · SPY correlations
