DSL vs SPY: Correlation
DoubleLine Income Solutions Fund (DSL) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DSL and SPY?
Across a 3-year window, the weekly returns of DSL and SPY correlate at 0.58, moderate. Recent behaviour matches the longer record: 0.65 over 1 year against 0.58 over 3. Stretching to 5 years gives 0.55, with an annualized covariance of 102.9 %².
By 3-year correlation, SPY places #21 of the 30 assets tracked against DSL. The last year tells two different stories: SPY led by 24.3 percentage points, -3.7% for DSL 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.
DSL vs SPY: side by side
| DSL (DoubleLine Income Solutions Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.7% | +20.6% |
| 5-year return | +5.8% | +82.4% |
| Volatility (ann.) | 12.2% | 14.5% |
| Beta vs S&P 500 | 0.49 | 1.00 |
| Max drawdown (3Y) | -13.5% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 33.2 | – |
| 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 | DSL | SPY |
|---|---|---|
| 2022 | -22.6% | -18.2% |
| 2023 | +23.4% | +26.2% |
| 2024 | +14.0% | +24.9% |
| 2025 | -0.0% | +17.7% |
| 2026 | +2.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DSL and SPY good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DSL and SPY?
As of 2026-08-27, the correlation of weekly returns between DSL and SPY is 0.58 over 3 years, 0.65 over 1 year and 0.55 over 5 years.
Is SPY a good diversifier for DSL?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 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: DSL correlations · SPY correlations
