OIS vs SPY: Correlation
How closely do Oil States International, Inc. (OIS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.20, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OIS and SPY?
Across a 3-year window, the weekly returns of OIS and SPY correlate at 0.20, weak. Lately the two have drifted apart, with the 1-year correlation at -0.02 versus 0.20 over 3 years. Stretching to 5 years gives 0.25, with an annualized covariance of 163.2 %².
Out of 10 assets tracked against OIS, SPY lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months OIS outperformed by 36.2 percentage points (+56.8% for OIS against +20.6% for SPY). Risk is not evenly split, since OIS carries 3.8 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.
OIS vs SPY: side by side
| OIS (Oil States International, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +56.8% | +20.6% |
| 5-year return | +48.7% | +82.4% |
| Volatility (ann.) | 55.2% | 14.5% |
| Beta vs S&P 500 | 0.78 | 1.00 |
| Max drawdown (3Y) | -62.9% | -18.8% |
| Market cap | $0.5B | – |
| 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 | OIS | SPY |
|---|---|---|
| 2022 | +50.1% | -18.2% |
| 2023 | -9.0% | +26.2% |
| 2024 | -25.5% | +24.9% |
| 2025 | +33.8% | +17.7% |
| 2026 | +28.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OIS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between OIS and SPY?
The OIS/SPY correlation stands at 0.20 on a 3-year window (1 year: -0.02, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OIS?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.20 mean?
A reading of 0.20 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: OIS correlations · SPY correlations
