OLOX vs SPY: Correlation
How closely do Olenox Industries Inc. (OLOX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.08, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OLOX and SPY?
Across a 3-year window, the weekly returns of OLOX and SPY correlate at 0.08, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.27) runs below the 3-year figure (0.08). Stretching to 5 years gives 0.10, with an annualized covariance of 197.1 %².
Out of 11 assets tracked against OLOX, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 119.4 percentage points (-98.8% for OLOX against +20.6% for SPY). One caveat on sizing: OLOX is 12.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
OLOX vs SPY: side by side
| OLOX (Olenox Industries Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -98.8% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 173.6% | 14.5% |
| Beta vs S&P 500 | 0.94 | 1.00 |
| Max drawdown (3Y) | -100.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 0.0 | – |
| 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 | OLOX | SPY |
|---|---|---|
| 2022 | -27.1% | -18.2% |
| 2023 | -26.7% | +26.2% |
| 2024 | -94.9% | +24.9% |
| 2025 | -93.9% | +17.7% |
| 2026 | -92.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OLOX and SPY good diversifiers for each other?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OLOX and SPY?
Using weekly returns as of 2026-08-27: 0.08 over 3 years, with -0.27 over the last year and 0.10 over 5 years.
Is SPY a good diversifier for OLOX?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.08 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.
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Related comparisons
Hubs: OLOX correlations · SPY correlations
