DV vs SPY: Correlation
Measured on weekly returns over the past three years, DoubleVerify Holdings, Inc. (DV) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DV and SPY?
Across a 3-year window, the weekly returns of DV and SPY correlate at 0.32, moderate. Little has changed lately, as the 1-year reading of 0.32 lands near the 3-year figure. Stretching to 5 years gives 0.42, with an annualized covariance of 235.1 %².
Among the 10 assets we track against DV, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 38.6 points (-18.0% versus +20.6%). One caveat on sizing: DV is 3.5 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.
DV vs SPY: side by side
| DV (DoubleVerify Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -18.0% | +20.6% |
| 5-year return | -62.1% | +82.4% |
| Volatility (ann.) | 51.0% | 14.5% |
| Beta vs S&P 500 | 1.13 | 1.00 |
| Max drawdown (3Y) | -79.7% | -18.8% |
| Market cap | $2.1B | – |
| P/E (trailing) | 38.1 | – |
| 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 | DV | SPY |
|---|---|---|
| 2022 | -34.0% | -18.2% |
| 2023 | +67.5% | +26.2% |
| 2024 | -47.8% | +24.9% |
| 2025 | -40.4% | +17.7% |
| 2026 | +16.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DV and SPY good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DV and SPY?
The DV/SPY correlation stands at 0.32 on a 3-year window (1 year: 0.32, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DV?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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: DV correlations · SPY correlations
