OPAL vs SPY: Correlation
OPAL Fuels Inc. (OPAL) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OPAL and SPY?
Over the past 3 years, OPAL and SPY moved with a correlation of 0.28, which is weak. The past 12 months show a weaker link (0.09) than the 3-year average (0.28). Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 249.5 %².
SPY is close to the least connected end of OPAL's tracked universe, ranking #7 of 11. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 28.4 percentage points (-7.8% for OPAL against +20.6% for SPY). One caveat on sizing: OPAL is 4.2 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.
OPAL vs SPY: side by side
| OPAL (OPAL Fuels Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.8% | +20.6% |
| 5-year return | -77.9% | +82.4% |
| Volatility (ann.) | 61.5% | 14.5% |
| Beta vs S&P 500 | 1.19 | 1.00 |
| Max drawdown (3Y) | -84.1% | -18.8% |
| Market cap | $0.4B | – |
| 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 | OPAL | SPY |
|---|---|---|
| 2022 | -27.1% | -18.2% |
| 2023 | -24.2% | +26.2% |
| 2024 | -38.6% | +24.9% |
| 2025 | -30.5% | +17.7% |
| 2026 | -9.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OPAL and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OPAL and SPY?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.09 over the last year and 0.25 over 5 years.
Is SPY a good diversifier for OPAL?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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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Related comparisons
Hubs: OPAL correlations · SPY correlations
