OGE vs SPY: Correlation
Measured on weekly returns over the past three years, OGE Energy Corp (OGE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.17, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OGE and SPY?
On 3 years of weekly data the OGE/SPY correlation comes out at 0.17, weak. The past 12 months show a weaker link (-0.07) than the 3-year average (0.17). The 5-year figure is 0.35, and annualized covariance runs at 41.9 %².
SPY is close to the least connected end of OGE's tracked universe, ranking #38 of 42. The last year tells two different stories: SPY led by 15.1 percentage points, +5.5% for OGE against +20.6% for SPY.
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.
OGE vs SPY: side by side
| OGE (OGE Energy Corp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.5% | +20.6% |
| 5-year return | +60.6% | +82.4% |
| Volatility (ann.) | 17.6% | 14.5% |
| Beta vs S&P 500 | 0.20 | 1.00 |
| Max drawdown (3Y) | -11.3% | -18.8% |
| Market cap | $9.5B | – |
| P/E (trailing) | 20.4 | – |
| Dividend yield | 3.64% | 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 | OGE | SPY |
|---|---|---|
| 2022 | +7.6% | -18.2% |
| 2023 | -7.5% | +26.2% |
| 2024 | +23.7% | +24.9% |
| 2025 | +7.6% | +17.7% |
| 2026 | +10.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OGE and SPY good diversifiers for each other?
Yes. With a correlation of 0.17, OGE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OGE and SPY?
As of 2026-08-27, the correlation of weekly returns between OGE and SPY is 0.17 over 3 years, -0.07 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for OGE?
Yes. With a correlation of 0.17, OGE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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.
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Related comparisons
Hubs: OGE correlations · SPY correlations
