OPXS vs SPY: Correlation
How closely do Optex Systems Holdings, Inc. (OPXS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.16, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OPXS and SPY?
Across a 3-year window, the weekly returns of OPXS and SPY correlate at 0.16, weak. Little has changed lately, as the 1-year reading of 0.06 lands near the 3-year figure. Stretching to 5 years gives 0.13, with an annualized covariance of 139.6 %².
SPY is close to the least connected end of OPXS's tracked universe, ranking #7 of 11. The last year tells two different stories: SPY led by 24.9 percentage points, -4.3% for OPXS against +20.6% for SPY. Note the risk asymmetry: OPXS runs 4.1 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.
OPXS vs SPY: side by side
| OPXS (Optex Systems Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -4.3% | +20.6% |
| 5-year return | +540.0% | +82.4% |
| Volatility (ann.) | 59.8% | 14.5% |
| Beta vs S&P 500 | 0.67 | 1.00 |
| Max drawdown (3Y) | -45.7% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 19.0 | – |
| 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 | OPXS | SPY |
|---|---|---|
| 2022 | +57.8% | -18.2% |
| 2023 | +122.2% | +26.2% |
| 2024 | +4.7% | +24.9% |
| 2025 | +106.7% | +17.7% |
| 2026 | -27.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OPXS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between OPXS and SPY?
The OPXS/SPY correlation stands at 0.16 on a 3-year window (1 year: 0.06, 5 years: 0.13), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OPXS?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
What does a correlation of 0.16 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: OPXS correlations · SPY correlations
