OMEX vs SPY: Correlation
Measured on weekly returns over the past three years, Odyssey Marine Exploration, Inc. (OMEX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.20, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OMEX and SPY?
On 3 years of weekly data the OMEX/SPY correlation comes out at 0.20, weak. Recent behaviour matches the longer record: 0.24 over 1 year against 0.20 over 3. The 5-year figure is 0.13, and annualized covariance runs at 443.9 %².
Among the 14 assets we track against OMEX, SPY ranks #9 by 3-year correlation. The last year tells two different stories: SPY led by 73.6 percentage points, -53.0% for OMEX against +20.6% for SPY. Risk is not evenly split, since OMEX carries 10.5 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.
OMEX vs SPY: side by side
| OMEX (Odyssey Marine Exploration, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -53.0% | +20.6% |
| 5-year return | -83.6% | +82.4% |
| Volatility (ann.) | 152.5% | 14.5% |
| Beta vs S&P 500 | 2.12 | 1.00 |
| Max drawdown (3Y) | -94.6% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| 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 | OMEX | SPY |
|---|---|---|
| 2022 | -25.4% | -18.2% |
| 2023 | +19.8% | +26.2% |
| 2024 | -84.5% | +24.9% |
| 2025 | +172.2% | +17.7% |
| 2026 | -54.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OMEX and SPY good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OMEX and SPY?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with 0.24 over the last year and 0.13 over 5 years.
Is SPY a good diversifier for OMEX?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 mean?
On the −1 to +1 scale, 0.20 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: OMEX correlations · SPY correlations
