DX vs SPY: Correlation
Measured on weekly returns over the past three years, Dynex Capital, Inc. (DX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DX and SPY?
On 3 years of weekly data the DX/SPY correlation comes out at 0.47, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.47 over 3 years. The 5-year figure is 0.54, and annualized covariance runs at 145.9 %².
By 3-year correlation, SPY places #8 of the 15 assets tracked against DX. Twelve-month performance is nearly a tie, at +20.5% for DX and +20.6% for SPY.
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.
DX vs SPY: side by side
| DX (Dynex Capital, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.5% | +20.6% |
| 5-year return | +40.2% | +82.4% |
| Volatility (ann.) | 21.5% | 14.5% |
| Beta vs S&P 500 | 0.70 | 1.00 |
| Max drawdown (3Y) | -25.8% | -18.8% |
| Market cap | $3.2B | – |
| P/E (trailing) | 4.1 | – |
| Dividend yield | 15.84% | 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 | DX | SPY |
|---|---|---|
| 2022 | -15.4% | -18.2% |
| 2023 | +11.9% | +26.2% |
| 2024 | +13.6% | +24.9% |
| 2025 | +29.5% | +17.7% |
| 2026 | +3.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DX and SPY good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DX and SPY?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.32 over the last year and 0.54 over 5 years.
Is SPY a good diversifier for DX?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: DX correlations · SPY correlations
