OPEN vs SPY: Correlation
How closely do Opendoor Technologies Inc (OPEN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OPEN and SPY?
On 3 years of weekly data the OPEN/SPY correlation comes out at 0.24, weak. The past 12 months show a tighter link (0.36) than the 3-year average (0.24). The 5-year figure is 0.36, and annualized covariance runs at 513.6 %².
Among the 18 assets we track against OPEN, SPY sits near the bottom by co-movement, at rank #14. Correlation aside, the last 12 months split them widely, with SPY ahead by 36.5 points (-15.9% versus +20.6%). Note the risk asymmetry: OPEN runs 10.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
OPEN vs SPY: side by side
| OPEN (Opendoor Technologies Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -15.9% | +20.6% |
| 5-year return | -80.8% | +82.4% |
| Volatility (ann.) | 145.6% | 14.5% |
| Beta vs S&P 500 | 2.46 | 1.00 |
| Max drawdown (3Y) | -89.2% | -18.8% |
| Market cap | $3.3B | – |
| 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 | OPEN | SPY |
|---|---|---|
| 2022 | -92.1% | -18.2% |
| 2023 | +286.2% | +26.2% |
| 2024 | -64.3% | +24.9% |
| 2025 | +264.4% | +17.7% |
| 2026 | -42.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OPEN and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OPEN and SPY?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.36 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for OPEN?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
A reading of 0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: OPEN correlations · SPY correlations
