ONTO vs SPY: Correlation
Measured on weekly returns over the past three years, Onto Innovation Inc. (ONTO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONTO and SPY?
Over the past 3 years, ONTO and SPY moved with a correlation of 0.57, which is moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.57 over 3. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 485.0 %².
Among the 14 assets we track against ONTO, SPY ranks #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ONTO outperformed by 150.4 percentage points (+171.0% for ONTO against +20.6% for SPY). One caveat on sizing: ONTO is 4.0 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.
ONTO vs SPY: side by side
| ONTO (Onto Innovation Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +171.0% | +20.6% |
| 5-year return | +288.7% | +82.4% |
| Volatility (ann.) | 58.7% | 14.5% |
| Beta vs S&P 500 | 2.32 | 1.00 |
| Max drawdown (3Y) | -62.8% | -18.8% |
| Market cap | $17.9B | – |
| P/E (trailing) | 110.0 | – |
| 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 | ONTO | SPY |
|---|---|---|
| 2022 | -32.7% | -18.2% |
| 2023 | +124.6% | +26.2% |
| 2024 | +9.0% | +24.9% |
| 2025 | -5.3% | +17.7% |
| 2026 | +85.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONTO and SPY good diversifiers for each other?
Only partially. A correlation of 0.57 means ONTO and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ONTO and SPY?
The ONTO/SPY correlation stands at 0.57 on a 3-year window (1 year: 0.49, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ONTO?
Only partially. A correlation of 0.57 means ONTO and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 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: ONTO correlations · SPY correlations
