OPCH vs SPY: Correlation
Measured on weekly returns over the past three years, Option Care Health, Inc. (OPCH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OPCH and SPY?
Across a 3-year window, the weekly returns of OPCH and SPY correlate at 0.22, weak. Little has changed lately, as the 1-year reading of 0.12 lands near the 3-year figure. Stretching to 5 years gives 0.31, with an annualized covariance of 117.3 %².
Within OPCH's tracked universe of 15 assets, SPY comes in at #8 by 3-year correlation. The last year tells two different stories: SPY led by 36.7 percentage points, -16.1% for OPCH against +20.6% for SPY. Risk is not evenly split, since OPCH carries 2.6 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.
OPCH vs SPY: side by side
| OPCH (Option Care Health, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -16.1% | +20.6% |
| 5-year return | -8.7% | +82.4% |
| Volatility (ann.) | 37.1% | 14.5% |
| Beta vs S&P 500 | 0.56 | 1.00 |
| Max drawdown (3Y) | -46.7% | -18.8% |
| Market cap | $3.6B | – |
| P/E (trailing) | 18.2 | – |
| 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 | OPCH | SPY |
|---|---|---|
| 2022 | +5.8% | -18.2% |
| 2023 | +12.0% | +26.2% |
| 2024 | -31.1% | +24.9% |
| 2025 | +37.3% | +17.7% |
| 2026 | -24.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OPCH and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OPCH and SPY?
As of 2026-08-27, the correlation of weekly returns between OPCH and SPY is 0.22 over 3 years, 0.12 over 1 year and 0.31 over 5 years.
Is SPY a good diversifier for OPCH?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 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: OPCH correlations · SPY correlations
