OGC vs SPY: Correlation
Measured on weekly returns over the past three years, OceanaGold Corporation (OGC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OGC and SPY?
Over the past 3 years, OGC and SPY moved with a correlation of 0.25, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.39 versus 0.25 over 3 years. Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 180.2 %².
Out of 12 assets tracked against OGC, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months OGC outperformed by 62.0 percentage points (+82.6% for OGC against +20.6% for SPY). One caveat on sizing: OGC is 3.5 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.
OGC vs SPY: side by side
| OGC (OceanaGold Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +82.6% | +20.6% |
| 5-year return | +489.5% | +82.4% |
| Volatility (ann.) | 50.1% | 14.5% |
| Beta vs S&P 500 | 0.86 | 1.00 |
| Max drawdown (3Y) | -47.7% | -18.8% |
| Market cap | $7.0B | – |
| P/E (trailing) | 8.1 | – |
| Dividend yield | 0.78% | 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 | OGC | SPY |
|---|---|---|
| 2022 | +9.8% | -18.2% |
| 2023 | +2.1% | +26.2% |
| 2024 | +45.1% | +24.9% |
| 2025 | +243.9% | +17.7% |
| 2026 | +12.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OGC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between OGC and SPY?
The OGC/SPY correlation stands at 0.25 on a 3-year window (1 year: 0.39, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OGC?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 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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Hubs: OGC correlations · SPY correlations
