DXPE vs SPY: Correlation
Measured on weekly returns over the past three years, DXP Enterprises, Inc. (DXPE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DXPE and SPY?
Across a 3-year window, the weekly returns of DXPE and SPY correlate at 0.41, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.41 over 3 years. Stretching to 5 years gives 0.33, with an annualized covariance of 293.7 %².
SPY is close to the least connected end of DXPE's tracked universe, ranking #8 of 12. Correlation aside, the last 12 months split them widely, with DXPE ahead by 34.7 points (+55.3% versus +20.6%). Note the risk asymmetry: DXPE runs 3.4 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.
DXPE vs SPY: side by side
| DXPE (DXP Enterprises, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +55.3% | +20.6% |
| 5-year return | +542.5% | +82.4% |
| Volatility (ann.) | 49.8% | 14.5% |
| Beta vs S&P 500 | 1.41 | 1.00 |
| Max drawdown (3Y) | -33.0% | -18.8% |
| Market cap | $3.0B | – |
| P/E (trailing) | 33.5 | – |
| 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 | DXPE | SPY |
|---|---|---|
| 2022 | +7.3% | -18.2% |
| 2023 | +22.3% | +26.2% |
| 2024 | +145.2% | +24.9% |
| 2025 | +32.9% | +17.7% |
| 2026 | +75.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DXPE and SPY good diversifiers for each other?
Reasonably. At 0.41, DXPE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DXPE and SPY?
The DXPE/SPY correlation stands at 0.41 on a 3-year window (1 year: 0.29, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DXPE?
Reasonably. At 0.41, DXPE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DXPE correlations · SPY correlations
