OOMA vs SPY: Correlation
Measured on weekly returns over the past three years, Ooma, Inc. (OOMA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OOMA and SPY?
Over the past 3 years, OOMA and SPY moved with a correlation of 0.28, which is weak. The past 12 months show a weaker link (0.15) than the 3-year average (0.28). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 159.4 %².
Among the 10 assets we track against OOMA, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months OOMA outperformed by 53.7 percentage points (+74.3% for OOMA against +20.6% for SPY). One caveat on sizing: OOMA is 2.7 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.
OOMA vs SPY: side by side
| OOMA (Ooma, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +74.3% | +20.6% |
| 5-year return | +23.7% | +82.4% |
| Volatility (ann.) | 38.7% | 14.5% |
| Beta vs S&P 500 | 0.76 | 1.00 |
| Max drawdown (3Y) | -53.4% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 62.3 | – |
| 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 | OOMA | SPY |
|---|---|---|
| 2022 | -33.4% | -18.2% |
| 2023 | -21.2% | +26.2% |
| 2024 | +31.0% | +24.9% |
| 2025 | -16.6% | +17.7% |
| 2026 | +96.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OOMA and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between OOMA and SPY?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.15 over the last year and 0.34 over 5 years.
Is SPY a good diversifier for OOMA?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 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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Hubs: OOMA correlations · SPY correlations
