DUO vs SPY: Correlation
How closely do Fangdd Network Group Ltd. - Class A (DUO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.09, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DUO and SPY?
Across a 3-year window, the weekly returns of DUO and SPY correlate at 0.09, near zero, meaning they move largely independently. The link has tightened recently: the 1-year correlation (0.24) runs above the 3-year figure (0.09). Stretching to 5 years gives 0.16, with an annualized covariance of 351.4 %².
By 3-year correlation, SPY places #9 of the 15 assets tracked against DUO. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 74.4 percentage points (-53.8% for DUO against +20.6% for SPY). Risk is not evenly split, since DUO carries 19.2 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.
DUO vs SPY: side by side
| DUO (Fangdd Network Group Ltd. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -53.8% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 278.7% | 14.5% |
| Beta vs S&P 500 | 1.68 | 1.00 |
| Max drawdown (3Y) | -99.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | DUO | SPY |
|---|---|---|
| 2022 | -89.0% | -18.2% |
| 2023 | -94.2% | +26.2% |
| 2024 | -11.1% | +24.9% |
| 2025 | -84.7% | +17.7% |
| 2026 | -52.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DUO and SPY good diversifiers for each other?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DUO and SPY?
Using weekly returns as of 2026-08-27: 0.09 over 3 years, with 0.24 over the last year and 0.16 over 5 years.
Is SPY a good diversifier for DUO?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.09 mean?
On the −1 to +1 scale, 0.09 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: DUO correlations · SPY correlations
