OI vs SPY: Correlation
O-I Glass, Inc. (OI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OI and SPY?
Across a 3-year window, the weekly returns of OI and SPY correlate at 0.33, moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.33). Stretching to 5 years gives 0.41, with an annualized covariance of 190.0 %².
SPY is close to the least connected end of OI's tracked universe, ranking #8 of 12. Correlation aside, the last 12 months split them widely, with SPY ahead by 65.4 points (-44.8% versus +20.6%). Risk is not evenly split, since OI carries 2.8 times the volatility of the other side.
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.
OI vs SPY: side by side
| OI (O-I Glass, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -44.8% | +20.6% |
| 5-year return | -53.2% | +82.4% |
| Volatility (ann.) | 40.3% | 14.5% |
| Beta vs S&P 500 | 0.91 | 1.00 |
| Max drawdown (3Y) | -68.6% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | – | – |
| 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 | OI | SPY |
|---|---|---|
| 2022 | +37.7% | -18.2% |
| 2023 | -1.1% | +26.2% |
| 2024 | -33.8% | +24.9% |
| 2025 | +36.2% | +17.7% |
| 2026 | -51.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OI and SPY good diversifiers for each other?
Reasonably. At 0.33, OI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OI and SPY?
The OI/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.17, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OI?
Reasonably. At 0.33, OI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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: OI correlations · SPY correlations
