DUOL vs. SPY
DUOL (Duolingo, Inc.) 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 3 years, DUOL returned -3.14%/yr vs 21.27%/yr for SPY. At a 0.41 correlation, their price movements are largely independent.
Performance
DUOL vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, DUOL achieves a -27.49% return, which is significantly lower than SPY's 9.74% return.
DUOL
- 1D
- 1.35%
- 1M
- 19.36%
- YTD
- -27.49%
- 6M
- -31.35%
- 1Y
- -73.02%
- 3Y*
- -3.14%
- 5Y*
- —
- 10Y*
- —
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
DUOL vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DUOL Duolingo, Inc. | -27.49% | -45.87% | 42.93% | 218.92% | -32.97% | -24.96% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 8.92% |
Correlation
The correlation between DUOL and SPY is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jul 28, 2021 | 0.41 |
Over the past year, the correlation between DUOL and SPY has dropped to 0.20 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.
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Return for Risk
DUOL vs. SPY — Risk / Return Rank
DUOL
SPY
DUOL vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Duolingo, Inc. (DUOL) 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.
| DUOL | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.31 | ||
| Sortino ratioReturn per unit of downside risk | -5.10 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.39 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 3.01 | -3.93 |
| Martin ratioReturn relative to average drawdown | -1.26 | 13.54 | -14.79 |
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Drawdowns
DUOL vs. SPY - Drawdown Comparison
The maximum DUOL drawdown since its inception was -83.35%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DUOL and SPY.
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Drawdown Indicators
| DUOL | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.35% | -55.19% | -28.16% |
Max Drawdown (1Y)Largest decline over 1 year | -79.93% | -8.88% | -71.05% |
Max Drawdown (3Y)Largest decline over 3 years | -83.35% | -18.76% | -64.59% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -76.46% | -1.75% | -74.71% |
Average DrawdownAverage peak-to-trough decline | -35.93% | -9.04% | -26.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.69% | 1.97% | +57.72% |
Volatility
DUOL vs. SPY - Volatility Comparison
Duolingo, Inc. (DUOL) has a higher volatility of 14.32% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that DUOL'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.
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Volatility by Period
| DUOL | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.32% | 4.64% | +9.68% |
Volatility (6M)Calculated over the trailing 6-month period | 40.93% | 9.75% | +31.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.33% | 12.43% | +50.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.12% | 17.14% | +48.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.12% | 17.99% | +48.13% |
Dividends
DUOL vs. SPY - Dividend Comparison
DUOL has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DUOL Duolingo, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
DUOL and SPY have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUOL has higher volatility (14.32%) compared to SPY (4.64%). In terms of maximum drawdown, DUOL dropped -83.35% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (2.16 vs -1.16), 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.
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