OFLX vs SPY: Correlation
Omega Flex, Inc. (OFLX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OFLX and SPY?
Across a 3-year window, the weekly returns of OFLX and SPY correlate at 0.36, moderate. The past 12 months show a weaker link (0.25) than the 3-year average (0.36). Stretching to 5 years gives 0.36, with an annualized covariance of 195.5 %².
Out of 10 assets tracked against OFLX, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 41.1 points (-20.5% versus +20.6%). One caveat on sizing: OFLX is 2.6 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.
OFLX vs SPY: side by side
| OFLX (Omega Flex, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -20.5% | +20.6% |
| 5-year return | -79.8% | +82.4% |
| Volatility (ann.) | 37.6% | 14.5% |
| Beta vs S&P 500 | 0.94 | 1.00 |
| Max drawdown (3Y) | -68.3% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 23.1 | – |
| Dividend yield | 5.06% | 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 | OFLX | SPY |
|---|---|---|
| 2022 | -25.6% | -18.2% |
| 2023 | -23.4% | +26.2% |
| 2024 | -38.9% | +24.9% |
| 2025 | -26.8% | +17.7% |
| 2026 | -6.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OFLX and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OFLX and SPY?
The OFLX/SPY correlation stands at 0.36 on a 3-year window (1 year: 0.25, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OFLX?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/oflx-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/oflx-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OFLX correlations · SPY correlations
