OHI vs SPY: Correlation
Omega Healthcare Investors, Inc. (OHI) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.07.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OHI and SPY?
Across a 3-year window, the weekly returns of OHI and SPY correlate at 0.07, near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.02 over 1 year against 0.07 over 3. Stretching to 5 years gives 0.24, with an annualized covariance of 18.3 %².
Within OHI's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. The trailing year gives SPY the advantage: +15.2% versus +20.6%, a 5.4-point spread.
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.
OHI vs SPY: side by side
| OHI (Omega Healthcare Investors, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.2% | +20.6% |
| 5-year return | +107.9% | +82.4% |
| Volatility (ann.) | 17.7% | 14.5% |
| Beta vs S&P 500 | 0.09 | 1.00 |
| Max drawdown (3Y) | -15.5% | -18.8% |
| Market cap | $14.8B | – |
| P/E (trailing) | 16.5 | – |
| Dividend yield | 5.73% | 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 | OHI | SPY |
|---|---|---|
| 2022 | +3.5% | -18.2% |
| 2023 | +19.9% | +26.2% |
| 2024 | +33.6% | +24.9% |
| 2025 | +25.5% | +17.7% |
| 2026 | +9.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OHI and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
FAQ
What is the correlation between OHI and SPY?
As of 2026-08-27, the correlation of weekly returns between OHI and SPY is 0.07 over 3 years, -0.02 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for OHI?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
What does a correlation of 0.07 mean?
On the −1 to +1 scale, 0.07 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: OHI correlations · SPY correlations
