OIO vs SPY: Correlation
Measured on weekly returns over the past three years, OIO Group (OIO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OIO and SPY?
Across a 3-year window, the weekly returns of OIO and SPY correlate at 0.07, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.05 over 1 year against 0.07 over 3. Stretching to 5 years gives 0.06, with an annualized covariance of 99.5 %².
Among the 13 assets we track against OIO, SPY ranks #6 by 3-year correlation. The last year tells two different stories: SPY led by 94.7 percentage points, -74.1% for OIO against +20.6% for SPY. Risk is not evenly split, since OIO carries 7.0 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.
OIO vs SPY: side by side
| OIO (OIO Group) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -74.1% | +20.6% |
| 5-year return | -93.0% | +82.4% |
| Volatility (ann.) | 100.9% | 14.5% |
| Beta vs S&P 500 | 0.48 | 1.00 |
| Max drawdown (3Y) | -87.4% | -18.8% |
| Market cap | $0.7B | – |
| 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 | OIO | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -93.1% | +26.2% |
| 2024 | +91.1% | +24.9% |
| 2025 | +200.8% | +17.7% |
| 2026 | -82.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OIO and SPY good diversifiers for each other?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OIO and SPY?
Using weekly returns as of 2026-08-27: 0.07 over 3 years, with 0.05 over the last year and 0.06 over 5 years.
Is SPY a good diversifier for OIO?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
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: OIO correlations · SPY correlations
