OLN vs SPY: Correlation
Olin Corporation (OLN) 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 OLN and SPY?
Across a 3-year window, the weekly returns of OLN and SPY correlate at 0.33, moderate. Lately the two have drifted apart, with the 1-year correlation at -0.08 versus 0.33 over 3 years. Stretching to 5 years gives 0.44, with an annualized covariance of 217.5 %².
Among the 20 assets we track against OLN, SPY sits near the bottom by co-movement, at rank #16. Correlation aside, the last 12 months split them widely, with SPY ahead by 43.9 points (-23.3% versus +20.6%). Note the risk asymmetry: OLN runs 3.1 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.
OLN vs SPY: side by side
| OLN (Olin Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -23.3% | +20.6% |
| 5-year return | -62.2% | +82.4% |
| Volatility (ann.) | 45.4% | 14.5% |
| Beta vs S&P 500 | 1.04 | 1.00 |
| Max drawdown (3Y) | -69.3% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.62% | 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 | OLN | SPY |
|---|---|---|
| 2022 | -6.6% | -18.2% |
| 2023 | +3.5% | +26.2% |
| 2024 | -36.3% | +24.9% |
| 2025 | -36.2% | +17.7% |
| 2026 | -15.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OLN and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OLN and SPY?
As of 2026-08-27, the correlation of weekly returns between OLN and SPY is 0.33 over 3 years, -0.08 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for OLN?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
A reading of 0.33 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: OLN correlations · SPY correlations
