ONMD vs SPY: Correlation
OneMedNet Corp (ONMD) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is -0.02.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONMD and SPY?
On 3 years of weekly data the ONMD/SPY correlation comes out at -0.02, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.13 versus -0.02 over 3 years. The 5-year figure is -0.01, and annualized covariance runs at -105.5 %².
SPY is close to the least connected end of ONMD's tracked universe, ranking #7 of 10. Correlation aside, the last 12 months split them widely, with SPY ahead by 48.9 points (-28.3% versus +20.6%). One caveat on sizing: ONMD is 20.4 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.
ONMD vs SPY: side by side
| ONMD (OneMedNet Corp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -28.3% | +20.6% |
| 5-year return | -94.1% | +82.4% |
| Volatility (ann.) | 295.9% | 14.5% |
| Beta vs S&P 500 | -0.51 | 1.00 |
| Max drawdown (3Y) | -97.2% | -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 | ONMD | SPY |
|---|---|---|
| 2022 | +3.4% | -18.2% |
| 2023 | -92.2% | +26.2% |
| 2024 | +67.9% | +24.9% |
| 2025 | -19.1% | +17.7% |
| 2026 | -46.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONMD and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.02 means the two rarely move for the same reasons.
FAQ
What is the correlation between ONMD and SPY?
Using weekly returns as of 2026-08-27: -0.02 over 3 years, with -0.13 over the last year and -0.01 over 5 years.
Is SPY a good diversifier for ONMD?
By historical standards, yes. A correlation of -0.02 means the two rarely move for the same reasons.
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: ONMD correlations · SPY correlations
