OPAD vs SPY: Correlation
How closely do Offerpad Solutions Inc. (OPAD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OPAD and SPY?
Over the past 3 years, OPAD and SPY moved with a correlation of -0.04, which is near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.17) than the 3-year average (-0.04). Over 5 years the correlation is 0.04, and the annualized covariance of weekly returns is -262.1 %².
Among the 24 assets we track against OPAD, SPY ranks #12 by 3-year correlation. Over the last 12 months OPAD came out ahead by 12.7 percentage points (+33.3% against +20.6%). Risk is not evenly split, since OPAD carries 30.4 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.
OPAD vs SPY: side by side
| OPAD (Offerpad Solutions Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.3% | +20.6% |
| 5-year return | -96.7% | +82.4% |
| Volatility (ann.) | 440.7% | 14.5% |
| Beta vs S&P 500 | -1.25 | 1.00 |
| Max drawdown (3Y) | -95.6% | -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 | OPAD | SPY |
|---|---|---|
| 2022 | -92.8% | -18.2% |
| 2023 | +48.2% | +26.2% |
| 2024 | -72.2% | +24.9% |
| 2025 | -57.5% | +17.7% |
| 2026 | +270.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OPAD and SPY good diversifiers for each other?
Yes. With a correlation of -0.04, OPAD and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OPAD and SPY?
The OPAD/SPY correlation stands at -0.04 on a 3-year window (1 year: -0.17, 5 years: 0.04), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OPAD?
Yes. With a correlation of -0.04, OPAD and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.04 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: OPAD correlations · SPY correlations
