OPLN vs SPY: Correlation
OPENLANE, Inc. (OPLN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OPLN and SPY?
Across a 3-year window, the weekly returns of OPLN and SPY correlate at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.33 versus 0.44 over 3 years. Stretching to 5 years gives 0.42, with an annualized covariance of 213.8 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against OPLN. Twelve-month performance is nearly a tie, at +22.0% for OPLN and +20.6% for SPY. Risk is not evenly split, since OPLN carries 2.3 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.
OPLN vs SPY: side by side
| OPLN (OPENLANE, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.0% | +20.6% |
| 5-year return | +111.4% | +82.4% |
| Volatility (ann.) | 33.5% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -22.1% | -18.8% |
| Market cap | $4.3B | – |
| 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 | OPLN | SPY |
|---|---|---|
| 2022 | -16.5% | -18.2% |
| 2023 | +13.5% | +26.2% |
| 2024 | +34.0% | +24.9% |
| 2025 | +50.1% | +17.7% |
| 2026 | +19.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OPLN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between OPLN and SPY?
The OPLN/SPY correlation stands at 0.44 on a 3-year window (1 year: 0.33, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OPLN?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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: OPLN correlations · SPY correlations
