DVA vs SPY: Correlation
How closely do DaVita (DVA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVA and SPY?
Across a 3-year window, the weekly returns of DVA and SPY correlate at 0.13, weak. The past 12 months show a weaker link (-0.06) than the 3-year average (0.13). Stretching to 5 years gives 0.17, with an annualized covariance of 79.2 %².
Among the 38 assets we track against DVA, SPY ranks #23 by 3-year correlation. On 12-month performance DVA holds a 9.4-point edge, +30.0% against +20.6%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.07 to 0.43. Note the risk asymmetry: DVA runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DVA vs SPY: side by side
| DVA (DaVita) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +30.0% | +20.6% |
| 5-year return | +36.4% | +82.4% |
| Volatility (ann.) | 40.9% | 14.5% |
| Beta vs S&P 500 | 0.38 | 1.00 |
| Max drawdown (3Y) | -41.4% | -18.8% |
| Market cap | $11.4B | – |
| P/E (trailing) | 15.3 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | DVA | SPY |
|---|---|---|
| 2022 | -34.4% | -18.2% |
| 2023 | +40.3% | +26.2% |
| 2024 | +42.8% | +24.9% |
| 2025 | -24.0% | +17.7% |
| 2026 | +57.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVA and SPY good diversifiers for each other?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DVA and SPY?
As of 2026-08-27, the correlation of weekly returns between DVA and SPY is 0.13 over 3 years, -0.06 over 1 year and 0.17 over 5 years.
Is SPY a good diversifier for DVA?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.13 mean?
On the −1 to +1 scale, 0.13 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: DVA correlations · SPY correlations
