OMER vs SPY: Correlation
How closely do Omeros Corporation (OMER) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OMER and SPY?
Across a 3-year window, the weekly returns of OMER and SPY correlate at 0.22, weak. The relationship has been stable: the 1-year correlation (0.31) sits close to the 3-year figure. Stretching to 5 years gives 0.25, with an annualized covariance of 376.9 %².
SPY is close to the least connected end of OMER's tracked universe, ranking #9 of 13. The last year tells two different stories: OMER led by 332.3 percentage points, +352.9% for OMER against +20.6% for SPY. Note the risk asymmetry: OMER runs 8.2 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.
OMER vs SPY: side by side
| OMER (Omeros Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +352.9% | +20.6% |
| 5-year return | +22.7% | +82.4% |
| Volatility (ann.) | 119.0% | 14.5% |
| Beta vs S&P 500 | 1.80 | 1.00 |
| Max drawdown (3Y) | -75.6% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | 11.1 | – |
| 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 | OMER | SPY |
|---|---|---|
| 2022 | -64.9% | -18.2% |
| 2023 | +44.7% | +26.2% |
| 2024 | +202.1% | +24.9% |
| 2025 | +73.9% | +17.7% |
| 2026 | +12.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OMER and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OMER and SPY?
The OMER/SPY correlation stands at 0.22 on a 3-year window (1 year: 0.31, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OMER?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 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: OMER correlations · SPY correlations
