DXCM vs SPY: Correlation
How closely do Dexcom (DXCM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DXCM and SPY?
Across a 3-year window, the weekly returns of DXCM and SPY correlate at 0.31, moderate. Recent behaviour matches the longer record: 0.21 over 1 year against 0.31 over 3. Stretching to 5 years gives 0.41, with an annualized covariance of 212.4 %².
Within DXCM's tracked universe of 28 assets, SPY comes in at #16 by 3-year correlation. Their 12-month results are close: +16.9% for DXCM against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.09 to 0.58. One caveat on sizing: DXCM is 3.2 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.
DXCM vs SPY: side by side
| DXCM (Dexcom) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.9% | +20.6% |
| 5-year return | -31.5% | +82.4% |
| Volatility (ann.) | 46.7% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -61.0% | -18.8% |
| Market cap | $33.7B | – |
| P/E (trailing) | 35.2 | – |
| 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 | DXCM | SPY |
|---|---|---|
| 2022 | -15.6% | -18.2% |
| 2023 | +9.6% | +26.2% |
| 2024 | -37.3% | +24.9% |
| 2025 | -14.7% | +17.7% |
| 2026 | +34.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.05% of SPY is DXCM itself, so the fund partly moves with the stock by construction.
Are DXCM and SPY good diversifiers for each other?
Reasonably. At 0.31, DXCM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DXCM and SPY?
As of 2026-08-27, the correlation of weekly returns between DXCM and SPY is 0.31 over 3 years, 0.21 over 1 year and 0.41 over 5 years.
Is SPY a good diversifier for DXCM?
Reasonably. At 0.31, DXCM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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: DXCM correlations · SPY correlations
