OGN vs SPY: Correlation
How closely do Organon & Co. (OGN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OGN and SPY?
Over the past 3 years, OGN and SPY moved with a correlation of 0.24, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.43 versus 0.24 over 3 years. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 183.1 %².
Out of 12 assets tracked against OGN, SPY lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with OGN ahead by 30.2 points (+50.8% versus +20.6%). Note the risk asymmetry: OGN runs 3.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
OGN vs SPY: side by side
| OGN (Organon & Co.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +50.8% | +20.6% |
| 5-year return | -50.3% | +82.4% |
| Volatility (ann.) | 53.4% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -74.1% | -18.8% |
| Market cap | $3.6B | – |
| P/E (trailing) | 17.6 | – |
| Dividend yield | 0.58% | 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 | OGN | SPY |
|---|---|---|
| 2022 | -4.9% | -18.2% |
| 2023 | -45.1% | +26.2% |
| 2024 | +9.9% | +24.9% |
| 2025 | -50.7% | +17.7% |
| 2026 | +93.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OGN and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OGN and SPY?
As of 2026-08-27, the correlation of weekly returns between OGN and SPY is 0.24 over 3 years, 0.43 over 1 year and 0.30 over 5 years.
Is SPY a good diversifier for OGN?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 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: OGN correlations · SPY correlations
