OMF vs SPY: Correlation
How closely do OneMain Holdings, Inc. (OMF) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OMF and SPY?
Over the past 3 years, OMF and SPY moved with a correlation of 0.58, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.45 versus 0.58 over 3 years. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 265.5 %².
Among the 27 assets we track against OMF, SPY ranks #12 by 3-year correlation. The trailing year gives SPY the advantage: +11.8% versus +20.6%, a 8.8-point spread. One caveat on sizing: OMF is 2.2 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.
OMF vs SPY: side by side
| OMF (OneMain Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.8% | +20.6% |
| 5-year return | +68.1% | +82.4% |
| Volatility (ann.) | 31.8% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -29.9% | -18.8% |
| Market cap | $7.3B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 6.64% | 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 | OMF | SPY |
|---|---|---|
| 2022 | -27.2% | -18.2% |
| 2023 | +63.0% | +26.2% |
| 2024 | +15.1% | +24.9% |
| 2025 | +39.8% | +17.7% |
| 2026 | -0.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OMF and SPY good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between OMF and SPY?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.45 over the last year and 0.58 over 5 years.
Is SPY a good diversifier for OMF?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: OMF correlations · SPY correlations
