CBOE vs OPAD: Correlation
How closely do Cboe Global Markets (CBOE) and Offerpad Solutions Inc. (OPAD) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and OPAD?
Across a 3-year window, the weekly returns of CBOE and OPAD correlate at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.48 over 1 year against -0.38 over 3. Stretching to 5 years gives -0.31, with an annualized covariance of -4412.6 %².
Out of 39 assets tracked against CBOE, OPAD lands near the bottom at #39. Twelve-month performance is nearly a tie, at +32.5% for CBOE and +33.3% for OPAD. Note the risk asymmetry: OPAD runs 16.9 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.
CBOE vs OPAD: side by side
| CBOE (Cboe Global Markets) | OPAD (Offerpad Solutions Inc.) | |
|---|---|---|
| 1-year return | +32.5% | +33.3% |
| 5-year return | +168.0% | -96.7% |
| Volatility (ann.) | 26.1% | 440.7% |
| Beta vs S&P 500 | 0.09 | -1.25 |
| Max drawdown (3Y) | -36.7% | -95.6% |
| Market cap | $32.8B | – |
| P/E (trailing) | 24.5 | – |
| Dividend yield | 0.92% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CBOE | OPAD |
|---|---|---|
| 2022 | -2.2% | -92.8% |
| 2023 | +44.4% | +48.2% |
| 2024 | +10.7% | -72.2% |
| 2025 | +29.2% | -57.5% |
| 2026 | +25.7% | +270.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and OPAD good diversifiers for each other?
Yes. With a correlation of -0.38, CBOE and OPAD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CBOE and OPAD?
As of 2026-08-27, the correlation of weekly returns between CBOE and OPAD is -0.38 over 3 years, -0.48 over 1 year and -0.31 over 5 years.
Is OPAD a good diversifier for CBOE?
Yes. With a correlation of -0.38, CBOE and OPAD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cboe-vs-opad.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cboe-vs-opad/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CBOE correlations · OPAD correlations
