OGS vs SPY: Correlation
How closely do ONE Gas, Inc. (OGS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OGS and SPY?
Across a 3-year window, the weekly returns of OGS and SPY correlate at 0.12, weak. Lately the two have drifted apart, with the 1-year correlation at -0.10 versus 0.12 over 3 years. Stretching to 5 years gives 0.21, with an annualized covariance of 35.5 %².
SPY is close to the least connected end of OGS's tracked universe, ranking #10 of 14. Over the last 12 months SPY came out ahead by 13.1 percentage points (+7.5% against +20.6%).
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.
OGS vs SPY: side by side
| OGS (ONE Gas, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.5% | +20.6% |
| 5-year return | +32.3% | +82.4% |
| Volatility (ann.) | 20.2% | 14.5% |
| Beta vs S&P 500 | 0.17 | 1.00 |
| Max drawdown (3Y) | -23.0% | -18.8% |
| Market cap | $5.0B | – |
| P/E (trailing) | 17.5 | – |
| Dividend yield | 3.33% | 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 | OGS | SPY |
|---|---|---|
| 2022 | +0.6% | -18.2% |
| 2023 | -12.8% | +26.2% |
| 2024 | +13.1% | +24.9% |
| 2025 | +15.6% | +17.7% |
| 2026 | +5.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OGS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between OGS and SPY?
The OGS/SPY correlation stands at 0.12 on a 3-year window (1 year: -0.10, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OGS?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 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: OGS correlations · SPY correlations
