OMCL vs SPY: Correlation
Omnicell, Inc. (OMCL) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OMCL and SPY?
On 3 years of weekly data the OMCL/SPY correlation comes out at 0.15, weak. Lately the two have moved closer together, with the 1-year correlation at 0.30 versus 0.15 over 3 years. The 5-year figure is 0.29, and annualized covariance runs at 109.8 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against OMCL. The last year tells two different stories: SPY led by 20.1 percentage points, +0.5% for OMCL against +20.6% for SPY. Risk is not evenly split, since OMCL carries 3.4 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.
OMCL vs SPY: side by side
| OMCL (Omnicell, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.5% | +20.6% |
| 5-year return | -78.5% | +82.4% |
| Volatility (ann.) | 49.5% | 14.5% |
| Beta vs S&P 500 | 0.53 | 1.00 |
| Max drawdown (3Y) | -58.4% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 39.8 | – |
| 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 | OMCL | SPY |
|---|---|---|
| 2022 | -72.1% | -18.2% |
| 2023 | -25.4% | +26.2% |
| 2024 | +18.3% | +24.9% |
| 2025 | +1.8% | +17.7% |
| 2026 | -26.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OMCL and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between OMCL and SPY?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with 0.30 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for OMCL?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
What does a correlation of 0.15 mean?
On the −1 to +1 scale, 0.15 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: OMCL correlations · SPY correlations
