OCUL vs SPY: Correlation
How closely do Ocular Therapeutix, Inc. (OCUL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OCUL and SPY?
Across a 3-year window, the weekly returns of OCUL and SPY correlate at 0.33, moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.33). Stretching to 5 years gives 0.25, with an annualized covariance of 376.0 %².
By 3-year correlation, SPY places #13 of the 18 assets tracked against OCUL. Correlation aside, the last 12 months split them widely, with SPY ahead by 32.8 points (-12.2% versus +20.6%). One caveat on sizing: OCUL is 5.4 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.
OCUL vs SPY: side by side
| OCUL (Ocular Therapeutix, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -12.2% | +20.6% |
| 5-year return | +0.7% | +82.4% |
| Volatility (ann.) | 77.8% | 14.5% |
| Beta vs S&P 500 | 1.80 | 1.00 |
| Max drawdown (3Y) | -61.6% | -18.8% |
| Market cap | $2.4B | – |
| 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 | OCUL | SPY |
|---|---|---|
| 2022 | -59.7% | -18.2% |
| 2023 | +58.7% | +26.2% |
| 2024 | +91.5% | +24.9% |
| 2025 | +42.2% | +17.7% |
| 2026 | -10.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OCUL and SPY good diversifiers for each other?
Reasonably. At 0.33, OCUL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OCUL and SPY?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.19 over the last year and 0.25 over 5 years.
Is SPY a good diversifier for OCUL?
Reasonably. At 0.33, OCUL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ocul-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ocul-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OCUL correlations · SPY correlations
