DUK vs SPY: Correlation
Measured on weekly returns over the past three years, Duke Energy (DUK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of -0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DUK and SPY?
On 3 years of weekly data the DUK/SPY correlation comes out at -0.08, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.24 versus -0.08 over 3 years. The 5-year figure is 0.20, and annualized covariance runs at -18.6 %².
Among the 53 assets we track against DUK, SPY ranks #23 by 3-year correlation. The last year tells two different stories: SPY led by 19.5 percentage points, +1.1% for DUK against +20.6% for SPY. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.27 to 0.39.
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.
DUK vs SPY: side by side
| DUK (Duke Energy) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.1% | +20.6% |
| 5-year return | +39.8% | +82.4% |
| Volatility (ann.) | 15.9% | 14.5% |
| Beta vs S&P 500 | -0.09 | 1.00 |
| Max drawdown (3Y) | -11.6% | -18.8% |
| Market cap | $94.2B | – |
| P/E (trailing) | 18.3 | – |
| Dividend yield | 3.49% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | DUK | SPY |
|---|---|---|
| 2022 | +2.0% | -18.2% |
| 2023 | -1.6% | +26.2% |
| 2024 | +15.6% | +24.9% |
| 2025 | +12.7% | +17.7% |
| 2026 | +5.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds DUK at a 0.14% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are DUK and SPY good diversifiers for each other?
Yes. With a correlation of -0.08, DUK and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DUK and SPY?
Using weekly returns as of 2026-08-27: -0.08 over 3 years, with -0.24 over the last year and 0.20 over 5 years.
Is SPY a good diversifier for DUK?
Yes. With a correlation of -0.08, DUK and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.08 mean?
On the −1 to +1 scale, -0.08 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: DUK correlations · SPY correlations
