OCFC vs SPY: Correlation
OceanFirst Financial Corp. (OCFC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OCFC and SPY?
Across a 3-year window, the weekly returns of OCFC and SPY correlate at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.19) runs below the 3-year figure (0.47). Stretching to 5 years gives 0.43, with an annualized covariance of 217.2 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against OCFC. The trailing year gives SPY the advantage: +6.4% versus +20.6%, a 14.2-point spread. One caveat on sizing: OCFC is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
OCFC vs SPY: side by side
| OCFC (OceanFirst Financial Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.4% | +20.6% |
| 5-year return | +10.9% | +82.4% |
| Volatility (ann.) | 31.8% | 14.5% |
| Beta vs S&P 500 | 1.04 | 1.00 |
| Max drawdown (3Y) | -29.8% | -18.8% |
| Market cap | $1.8B | – |
| P/E (trailing) | 23.6 | – |
| Dividend yield | 4.21% | 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 | OCFC | SPY |
|---|---|---|
| 2022 | -0.9% | -18.2% |
| 2023 | -14.2% | +26.2% |
| 2024 | +9.4% | +24.9% |
| 2025 | +3.9% | +17.7% |
| 2026 | +8.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OCFC and SPY good diversifiers for each other?
Reasonably. At 0.47, OCFC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OCFC and SPY?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.19 over the last year and 0.43 over 5 years.
Is SPY a good diversifier for OCFC?
Reasonably. At 0.47, OCFC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 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: OCFC correlations · SPY correlations
