OLP vs SPY: Correlation
One Liberty Properties, Inc. (OLP) 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 OLP and SPY?
Over the past 3 years, OLP and SPY moved with a correlation of 0.33, which is moderate. The link has loosened recently: the 1-year correlation (0.18) runs below the 3-year figure (0.33). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 101.4 %².
Among the 28 assets we track against OLP, SPY ranks #22 by 3-year correlation. Over the last 12 months SPY came out ahead by 7.6 percentage points (+13.0% against +20.6%).
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.
OLP vs SPY: side by side
| OLP (One Liberty Properties, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.0% | +20.6% |
| 5-year return | +11.9% | +82.4% |
| Volatility (ann.) | 21.5% | 14.5% |
| Beta vs S&P 500 | 0.49 | 1.00 |
| Max drawdown (3Y) | -28.8% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 15.3 | – |
| Dividend yield | 7.44% | 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 | OLP | SPY |
|---|---|---|
| 2022 | -32.3% | -18.2% |
| 2023 | +7.6% | +26.2% |
| 2024 | +33.5% | +24.9% |
| 2025 | -19.6% | +17.7% |
| 2026 | +23.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OLP 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 OLP and SPY?
The OLP/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.18, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OLP?
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?
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: OLP correlations · SPY correlations
