GS vs OPY: Correlation
How closely do Goldman Sachs (GS) and Oppenheimer Holdings, Inc. (OPY) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GS and OPY?
Over the past 3 years, GS and OPY moved with a correlation of 0.56, which is moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 455.6 %².
By 3-year correlation, OPY places #25 of the 41 assets tracked against GS. The last year tells two different stories: OPY led by 30.3 percentage points, +41.6% for GS against +71.9% for OPY.
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.
GS vs OPY: side by side
| GS (Goldman Sachs) | OPY (Oppenheimer Holdings, Inc.) | |
|---|---|---|
| 1-year return | +41.6% | +71.9% |
| 5-year return | +184.1% | +185.5% |
| Volatility (ann.) | 27.0% | 30.2% |
| Beta vs S&P 500 | 1.34 | 0.93 |
| Max drawdown (3Y) | -30.9% | -29.4% |
| Market cap | $303.1B | $1.3B |
| P/E (trailing) | 16.1 | 13.3 |
| Dividend yield | 1.63% | 0.66% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | GS | OPY |
|---|---|---|
| 2022 | -7.9% | -7.2% |
| 2023 | +15.9% | -0.9% |
| 2024 | +52.0% | +57.3% |
| 2025 | +56.6% | +15.6% |
| 2026 | +19.6% | +67.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GS and OPY good diversifiers for each other?
Only partially. A correlation of 0.56 means GS and OPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GS and OPY?
The GS/OPY correlation stands at 0.56 on a 3-year window (1 year: 0.49, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is OPY a good diversifier for GS?
Only partially. A correlation of 0.56 means GS and OPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gs-vs-opy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gs-vs-opy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GS correlations · OPY correlations
