DY vs SPY: Correlation
Measured on weekly returns over the past three years, Dycom Industries, Inc. (DY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DY and SPY?
Over the past 3 years, DY and SPY moved with a correlation of 0.32, which is moderate. The link has loosened recently: the 1-year correlation (0.18) runs below the 3-year figure (0.32). Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 202.0 %².
Out of 11 assets tracked against DY, SPY lands near the bottom at #7. Their 12-month results are close: +20.5% for DY against +20.6% for SPY. Note the risk asymmetry: DY runs 3.0 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.
DY vs SPY: side by side
| DY (Dycom Industries, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.5% | +20.6% |
| 5-year return | +304.3% | +82.4% |
| Volatility (ann.) | 43.4% | 14.5% |
| Beta vs S&P 500 | 0.97 | 1.00 |
| Max drawdown (3Y) | -42.4% | -18.8% |
| Market cap | $9.3B | – |
| P/E (trailing) | 28.4 | – |
| 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 | DY | SPY |
|---|---|---|
| 2022 | -0.2% | -18.2% |
| 2023 | +23.0% | +26.2% |
| 2024 | +51.2% | +24.9% |
| 2025 | +94.1% | +17.7% |
| 2026 | -8.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DY and SPY good diversifiers for each other?
Reasonably. At 0.32, DY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DY and SPY?
The DY/SPY correlation stands at 0.32 on a 3-year window (1 year: 0.18, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DY?
Reasonably. At 0.32, DY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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: DY correlations · SPY correlations
