DSWL vs SPY: Correlation
Measured on weekly returns over the past three years, Deswell Industries, Inc. (DSWL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.16, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DSWL and SPY?
Across a 3-year window, the weekly returns of DSWL and SPY correlate at 0.16, weak. Little has changed lately, as the 1-year reading of 0.11 lands near the 3-year figure. Stretching to 5 years gives 0.18, with an annualized covariance of 71.3 %².
SPY is close to the least connected end of DSWL's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 31.0 percentage points (-10.4% for DSWL against +20.6% for SPY). Risk is not evenly split, since DSWL carries 2.1 times the volatility of the other side.
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.
DSWL vs SPY: side by side
| DSWL (Deswell Industries, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.4% | +20.6% |
| 5-year return | +0.8% | +82.4% |
| Volatility (ann.) | 30.4% | 14.5% |
| Beta vs S&P 500 | 0.34 | 1.00 |
| Max drawdown (3Y) | -29.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 4.6 | – |
| Dividend yield | 6.45% | 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 | DSWL | SPY |
|---|---|---|
| 2022 | -14.1% | -18.2% |
| 2023 | -8.3% | +26.2% |
| 2024 | -2.9% | +24.9% |
| 2025 | +54.7% | +17.7% |
| 2026 | -5.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DSWL and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between DSWL and SPY?
As of 2026-08-27, the correlation of weekly returns between DSWL and SPY is 0.16 over 3 years, 0.11 over 1 year and 0.18 over 5 years.
Is SPY a good diversifier for DSWL?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
What does a correlation of 0.16 mean?
On the −1 to +1 scale, 0.16 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: DSWL correlations · SPY correlations
