OCGN vs SPY: Correlation
Measured on weekly returns over the past three years, Ocugen, Inc. (OCGN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.18, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OCGN and SPY?
On 3 years of weekly data the OCGN/SPY correlation comes out at 0.18, weak. The past 12 months show a weaker link (0.07) than the 3-year average (0.18). The 5-year figure is 0.31, and annualized covariance runs at 255.8 %².
Out of 12 assets tracked against OCGN, SPY lands near the bottom at #8. The trailing year gives OCGN the advantage: +31.7% versus +20.6%, a 11.1-point spread. Note the risk asymmetry: OCGN runs 6.6 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.
OCGN vs SPY: side by side
| OCGN (Ocugen, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +31.7% | +20.6% |
| 5-year return | -81.2% | +82.4% |
| Volatility (ann.) | 95.8% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -73.9% | -18.8% |
| Market cap | $0.5B | – |
| 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 | OCGN | SPY |
|---|---|---|
| 2022 | -71.4% | -18.2% |
| 2023 | -55.8% | +26.2% |
| 2024 | +40.0% | +24.9% |
| 2025 | +67.7% | +17.7% |
| 2026 | +1.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OCGN and SPY good diversifiers for each other?
Yes. With a correlation of 0.18, OCGN and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OCGN and SPY?
As of 2026-08-27, the correlation of weekly returns between OCGN and SPY is 0.18 over 3 years, 0.07 over 1 year and 0.31 over 5 years.
Is SPY a good diversifier for OCGN?
Yes. With a correlation of 0.18, OCGN and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.18 mean?
A reading of 0.18 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: OCGN correlations · SPY correlations
