ORI vs SPY: Correlation
Measured on weekly returns over the past three years, Old Republic International Corporation (ORI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ORI and SPY?
On 3 years of weekly data the ORI/SPY correlation comes out at 0.19, weak. The past 12 months show a weaker link (-0.08) than the 3-year average (0.19). The 5-year figure is 0.39, and annualized covariance runs at 59.1 %².
Among the 26 assets we track against ORI, SPY ranks #20 by 3-year correlation. On 12-month performance SPY holds a 5.6-point edge, +15.0% against +20.6%.
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.
ORI vs SPY: side by side
| ORI (Old Republic International Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.0% | +20.6% |
| 5-year return | +137.4% | +82.4% |
| Volatility (ann.) | 21.1% | 14.5% |
| Beta vs S&P 500 | 0.28 | 1.00 |
| Max drawdown (3Y) | -16.2% | -18.8% |
| Market cap | $10.2B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 2.85% | 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 | ORI | SPY |
|---|---|---|
| 2022 | +6.7% | -18.2% |
| 2023 | +26.3% | +26.2% |
| 2024 | +27.1% | +24.9% |
| 2025 | +37.5% | +17.7% |
| 2026 | -0.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ORI and SPY good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ORI and SPY?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with -0.08 over the last year and 0.39 over 5 years.
Is SPY a good diversifier for ORI?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 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: ORI correlations · SPY correlations
