ONFO vs SPY: Correlation
How closely do Onfolio Holdings Inc. (ONFO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.02, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONFO and SPY?
On 3 years of weekly data the ONFO/SPY correlation comes out at 0.02, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.04 over 1 year against 0.02 over 3. The 5-year figure is 0.02, and annualized covariance runs at 1390.1 %².
Out of 10 assets tracked against ONFO, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months ONFO outperformed by 15.9 percentage points (+36.5% for ONFO against +20.6% for SPY). Risk is not evenly split, since ONFO carries 286.2 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.
ONFO vs SPY: side by side
| ONFO (Onfolio Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +36.5% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 4150.5% | 14.5% |
| Beta vs S&P 500 | 6.65 | 1.00 |
| Max drawdown (3Y) | -99.3% | -18.8% |
| Market cap | – | – |
| 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 | ONFO | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -66.4% | +26.2% |
| 2024 | +162.7% | +24.9% |
| 2025 | -49.3% | +17.7% |
| 2026 | +109.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONFO and SPY good diversifiers for each other?
Yes. With a correlation of 0.02, ONFO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ONFO and SPY?
The ONFO/SPY correlation stands at 0.02 on a 3-year window (1 year: 0.04, 5 years: 0.02), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ONFO?
Yes. With a correlation of 0.02, ONFO and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.02 mean?
On the −1 to +1 scale, 0.02 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: ONFO correlations · SPY correlations
