OBIO vs SPY: Correlation
Orchestra BioMed Holdings, Inc. (OBIO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OBIO and SPY?
On 3 years of weekly data the OBIO/SPY correlation comes out at 0.32, moderate. The link has loosened recently: the 1-year correlation (0.06) runs below the 3-year figure (0.32). The 5-year figure is 0.17, and annualized covariance runs at 365.9 %².
Among the 10 assets we track against OBIO, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with OBIO ahead by 59.3 points (+79.9% versus +20.6%). Note the risk asymmetry: OBIO runs 5.5 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.
OBIO vs SPY: side by side
| OBIO (Orchestra BioMed Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +79.9% | +20.6% |
| 5-year return | -47.8% | +82.4% |
| Volatility (ann.) | 79.5% | 14.5% |
| Beta vs S&P 500 | 1.75 | 1.00 |
| Max drawdown (3Y) | -78.2% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| 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 | OBIO | SPY |
|---|---|---|
| 2022 | -1.0% | -18.2% |
| 2023 | -8.5% | +26.2% |
| 2024 | -56.2% | +24.9% |
| 2025 | +3.8% | +17.7% |
| 2026 | +23.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OBIO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between OBIO and SPY?
The OBIO/SPY correlation stands at 0.32 on a 3-year window (1 year: 0.06, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OBIO?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: OBIO correlations · SPY correlations
