ONCY vs SPY: Correlation
How closely do Oncolytics Biotech Inc. (ONCY) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONCY and SPY?
Across a 3-year window, the weekly returns of ONCY and SPY correlate at 0.21, weak. Lately the two have moved closer together, with the 1-year correlation at 0.35 versus 0.21 over 3 years. Stretching to 5 years gives 0.22, with an annualized covariance of 240.5 %².
SPY is close to the least connected end of ONCY's tracked universe, ranking #7 of 10. The last year tells two different stories: SPY led by 40.4 percentage points, -19.8% for ONCY against +20.6% for SPY. One caveat on sizing: ONCY is 5.6 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.
ONCY vs SPY: side by side
| ONCY (Oncolytics Biotech Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.8% | +20.6% |
| 5-year return | -61.2% | +82.4% |
| Volatility (ann.) | 80.8% | 14.5% |
| Beta vs S&P 500 | 1.15 | 1.00 |
| Max drawdown (3Y) | -86.2% | -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 | ONCY | SPY |
|---|---|---|
| 2022 | +17.3% | -18.2% |
| 2023 | -17.2% | +26.2% |
| 2024 | -32.6% | +24.9% |
| 2025 | -4.4% | +17.7% |
| 2026 | -2.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONCY and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ONCY and SPY?
As of 2026-08-27, the correlation of weekly returns between ONCY and SPY is 0.21 over 3 years, 0.35 over 1 year and 0.22 over 5 years.
Is SPY a good diversifier for ONCY?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 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: ONCY correlations · SPY correlations
