OGI vs SPY: Correlation
How closely do Organigram Global Inc. (OGI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OGI and SPY?
On 3 years of weekly data the OGI/SPY correlation comes out at 0.37, moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.37). The 5-year figure is 0.39, and annualized covariance runs at 348.2 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against OGI. Correlation aside, the last 12 months split them widely, with SPY ahead by 46.9 points (-26.3% versus +20.6%). One caveat on sizing: OGI is 4.5 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.
OGI vs SPY: side by side
| OGI (Organigram Global Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -26.3% | +20.6% |
| 5-year return | -88.1% | +82.4% |
| Volatility (ann.) | 64.6% | 14.5% |
| Beta vs S&P 500 | 1.67 | 1.00 |
| Max drawdown (3Y) | -68.0% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 2.9 | – |
| 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 | OGI | SPY |
|---|---|---|
| 2022 | -54.3% | -18.2% |
| 2023 | -59.1% | +26.2% |
| 2024 | +22.9% | +24.9% |
| 2025 | +4.3% | +17.7% |
| 2026 | -26.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OGI and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OGI and SPY?
As of 2026-08-27, the correlation of weekly returns between OGI and SPY is 0.37 over 3 years, 0.20 over 1 year and 0.39 over 5 years.
Is SPY a good diversifier for OGI?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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: OGI correlations · SPY correlations
