DGX vs. SPY

Last updated Aug 1, 2026

DGX (Quest Diagnostics Incorporated) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, DGX returned 12.79%/yr vs 15.07%/yr for SPY. Their 0.39 correlation means their historical movements had little consistent relationship.

Performance

DGX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Quest Diagnostics Incorporated (DGX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGX achieves a 36.03% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, DGX has underperformed SPY with an annualized return of 12.79%, while SPY has yielded a comparatively higher 15.07% annualized return.

DGX

• 1D: -0.55%
• 1M: 8.45%
• 6M: 25.64%
• YTD: 36.03%
• 1Y: 38.78%
• 3Y*: 22.45%
• 5Y*: 12.61%
• 10Y*: 12.79%
• ALL TIME*: 16.17%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DGX Quest Diagnostics Incorporated	$320.44M	$243.98M	$192.25M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

DGX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGX Quest Diagnostics Incorporated	36.03%	17.20%	11.77%	-10.05%	-7.80%	47.86%	14.11%	31.13%	-13.84%	9.16%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between DGX and SPY is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (3Y) Balances recent behavior with more history.	0.13
Correlation (5Y) Shows whether the relationship held over a longer period.	0.26
Correlation (10Y) Provides a long-term view across more market conditions.	0.34
Correlation (All Time) Calculated using the full available price history since Dec 26, 1996	0.39

The correlation between DGX and SPY shifts across timeframes, from -0.06 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DGX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DGX

DGX Risk / Return Rank: 89
DGX Sharpe Ratio Rank: 89
DGX Sortino Ratio Rank: 90
DGX Omega Ratio Rank: 87
DGX Calmar Ratio Rank: 90
DGX Martin Ratio Rank: 87

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DGX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Quest Diagnostics Incorporated (DGX) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DGX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.52	+0.24
Sortino ratio: Return per unit of downside risk	2.80	2.11	+0.69
Omega ratio: Gain probability vs. loss probability	1.33	1.27	+0.05
Calmar ratio: Return relative to maximum drawdown	3.62	2.20	+1.42
Martin ratio: Return relative to average drawdown	7.81	9.40	-1.59

DGX vs. SPY - Sharpe Ratio Comparison

The current DGX Sharpe Ratio is 1.76, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of DGX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DGX vs. SPY - Drawdown Comparison

The maximum DGX drawdown since its inception was -49.46%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DGX and SPY.

Drawdown Indicators

	DGX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-49.46%	-55.19%	+5.73%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-8.88%	-2.67%
Max Drawdown (3Y) Largest decline over 3 years	-12.44%	-18.76%	+6.32%
Max Drawdown (5Y) Largest decline over 5 years	-28.62%	-24.50%	-4.12%
Max Drawdown (10Y) Largest decline over 10 years	-36.60%	-33.72%	-2.88%
Current Drawdown Current decline from peak	-1.24%	-1.40%	+0.16%
Average Drawdown Average peak-to-trough decline	-11.85%	-9.01%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.35%	2.08%	+3.27%

Volatility

DGX vs. SPY - Volatility Comparison

Quest Diagnostics Incorporated (DGX) has a higher volatility of 10.20% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that DGX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.20%	3.58%	+6.62%
Volatility (6M) Calculated over the trailing 6-month period	18.50%	10.14%	+8.36%
Volatility (1Y) Calculated over the trailing 1-year period	23.82%	12.89%	+10.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.35%	17.18%	+5.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.99%	17.95%	+6.04%

Dividends

DGX vs. SPY - Dividend Comparison

DGX's dividend yield for the trailing twelve months is around 1.42%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGX Quest Diagnostics Incorporated	1.42%	1.82%	1.96%	2.02%	1.66%	1.40%	1.85%	1.99%	2.34%	1.83%	1.72%	2.07%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both DGX and SPY in my portfolio?

DGX and SPY have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGX or SPY?

DGX has higher volatility (10.20%) compared to SPY (3.58%). In terms of maximum drawdown, DGX dropped -49.46% vs SPY's -55.19%.

Which has better risk-adjusted returns?

DGX currently has the higher Sharpe Ratio (1.76 vs 1.52), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.