OLED vs SPY: Correlation
How closely do Universal Display Corporation (OLED) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OLED and SPY?
Across a 3-year window, the weekly returns of OLED and SPY correlate at 0.54, moderate. The link has loosened recently: the 1-year correlation (0.34) runs below the 3-year figure (0.54). Stretching to 5 years gives 0.57, with an annualized covariance of 314.7 %².
SPY is close to the least connected end of OLED's tracked universe, ranking #6 of 10. Correlation aside, the last 12 months split them widely, with SPY ahead by 59.4 points (-38.8% versus +20.6%). Note the risk asymmetry: OLED runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
OLED vs SPY: side by side
| OLED (Universal Display Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -38.8% | +20.6% |
| 5-year return | -57.1% | +82.4% |
| Volatility (ann.) | 40.6% | 14.5% |
| Beta vs S&P 500 | 1.51 | 1.00 |
| Max drawdown (3Y) | -66.1% | -18.8% |
| Market cap | $3.9B | – |
| P/E (trailing) | 20.5 | – |
| Dividend yield | 2.19% | 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 | OLED | SPY |
|---|---|---|
| 2022 | -33.9% | -18.2% |
| 2023 | +78.6% | +26.2% |
| 2024 | -22.9% | +24.9% |
| 2025 | -19.1% | +17.7% |
| 2026 | -26.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OLED and SPY good diversifiers for each other?
Only partially. A correlation of 0.54 means OLED and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between OLED and SPY?
The OLED/SPY correlation stands at 0.54 on a 3-year window (1 year: 0.34, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OLED?
Only partially. A correlation of 0.54 means OLED and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/oled-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/oled-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OLED correlations · SPY correlations
