DVN vs SPY: Correlation
Measured on weekly returns over the past three years, Devon Energy (DVN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVN and SPY?
On 3 years of weekly data the DVN/SPY correlation comes out at 0.07, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.43 versus 0.07 over 3 years. The 5-year figure is 0.23, and annualized covariance runs at 33.1 %².
By 3-year correlation, SPY places #30 of the 42 assets tracked against DVN. Correlation aside, the last 12 months split them widely, with DVN ahead by 15.3 points (+35.9% versus +20.6%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.42 and 0.48 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since DVN carries 2.4 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.
DVN vs SPY: side by side
| DVN (Devon Energy) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.9% | +20.6% |
| 5-year return | +102.7% | +82.4% |
| Volatility (ann.) | 34.3% | 14.5% |
| Beta vs S&P 500 | 0.16 | 1.00 |
| Max drawdown (3Y) | -49.2% | -18.8% |
| Market cap | $51.8B | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 2.22% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Energy | 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 | DVN | SPY |
|---|---|---|
| 2022 | +50.9% | -18.2% |
| 2023 | -21.8% | +26.2% |
| 2024 | -25.2% | +24.9% |
| 2025 | +15.0% | +17.7% |
| 2026 | +30.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
DVN represents 0.08% of SPY's portfolio, so part of any move in SPY is DVN itself, and the correlation between them is partly mechanical.
Are DVN and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
FAQ
What is the correlation between DVN and SPY?
As of 2026-08-27, the correlation of weekly returns between DVN and SPY is 0.07 over 3 years, -0.43 over 1 year and 0.23 over 5 years.
Is SPY a good diversifier for DVN?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
What does a correlation of 0.07 mean?
On the −1 to +1 scale, 0.07 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: DVN correlations · SPY correlations
