OESX vs SPY: Correlation
Orion Energy Systems, Inc. (OESX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OESX and SPY?
Across a 3-year window, the weekly returns of OESX and SPY correlate at 0.22, weak. Little has changed lately, as the 1-year reading of 0.30 lands near the 3-year figure. Stretching to 5 years gives 0.19, with an annualized covariance of 255.2 %².
By 3-year correlation, SPY places #8 of the 14 assets tracked against OESX. Correlation aside, the last 12 months split them widely, with OESX ahead by 263.7 points (+284.3% versus +20.6%). Risk is not evenly split, since OESX carries 5.6 times the volatility of the other side.
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.
OESX vs SPY: side by side
| OESX (Orion Energy Systems, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +284.3% | +20.6% |
| 5-year return | -39.9% | +82.4% |
| Volatility (ann.) | 81.4% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -63.4% | -18.8% |
| Market cap | $0.1B | – |
| 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 | OESX | SPY |
|---|---|---|
| 2022 | -49.7% | -18.2% |
| 2023 | -52.2% | +26.2% |
| 2024 | -8.0% | +24.9% |
| 2025 | +92.3% | +17.7% |
| 2026 | +73.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OESX and SPY good diversifiers for each other?
Reasonably. At 0.22, OESX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OESX and SPY?
The OESX/SPY correlation stands at 0.22 on a 3-year window (1 year: 0.30, 5 years: 0.19), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OESX?
Reasonably. At 0.22, OESX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: OESX correlations · SPY correlations
