ONL vs SPY: Correlation
Orion Properties Inc. (ONL) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONL and SPY?
Across a 3-year window, the weekly returns of ONL and SPY correlate at 0.37, moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.37 over 3. Stretching to 5 years gives 0.38, with an annualized covariance of 271.2 %².
By 3-year correlation, SPY places #7 of the 14 assets tracked against ONL. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 17.2 percentage points (+3.4% for ONL against +20.6% for SPY). Risk is not evenly split, since ONL carries 3.5 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.
ONL vs SPY: side by side
| ONL (Orion Properties Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.4% | +20.6% |
| 5-year return | -79.8% | +82.4% |
| Volatility (ann.) | 51.4% | 14.5% |
| Beta vs S&P 500 | 1.30 | 1.00 |
| Max drawdown (3Y) | -71.5% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.85% | 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 | ONL | SPY |
|---|---|---|
| 2022 | -52.4% | -18.2% |
| 2023 | -28.4% | +26.2% |
| 2024 | -27.4% | +24.9% |
| 2025 | -36.9% | +17.7% |
| 2026 | +30.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONL and SPY good diversifiers for each other?
Reasonably. At 0.37, ONL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ONL and SPY?
The ONL/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.38, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ONL?
Reasonably. At 0.37, ONL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ONL correlations · SPY correlations
