DXR vs SPY: Correlation
How closely do Daxor Corporation - Closed End Fund (DXR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DXR and SPY?
On 3 years of weekly data the DXR/SPY correlation comes out at 0.18, weak. Little has changed lately, as the 1-year reading of 0.20 lands near the 3-year figure. The 5-year figure is 0.10, and annualized covariance runs at 101.1 %².
Among the 10 assets we track against DXR, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 35.3 percentage points (-14.7% for DXR against +20.6% for SPY). One caveat on sizing: DXR is 2.7 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.
DXR vs SPY: side by side
| DXR (Daxor Corporation - Closed End Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.7% | +20.6% |
| 5-year return | +1.8% | +82.4% |
| Volatility (ann.) | 39.6% | 14.5% |
| Beta vs S&P 500 | 0.48 | 1.00 |
| Max drawdown (3Y) | -39.9% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 6.1 | – |
| 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 | DXR | SPY |
|---|---|---|
| 2022 | -18.9% | -18.2% |
| 2023 | +4.8% | +26.2% |
| 2024 | -19.9% | +24.9% |
| 2025 | +91.8% | +17.7% |
| 2026 | -34.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DXR and SPY good diversifiers for each other?
Yes. With a correlation of 0.18, DXR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DXR and SPY?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.20 over the last year and 0.10 over 5 years.
Is SPY a good diversifier for DXR?
Yes. With a correlation of 0.18, DXR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.18 mean?
A reading of 0.18 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: DXR correlations · SPY correlations
