ORIO vs SPY: Correlation
Measured on weekly returns over the past three years, Orion Digital Corp. (ORIO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ORIO and SPY?
Across a 3-year window, the weekly returns of ORIO and SPY correlate at 0.40, moderate. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. Stretching to 5 years gives 0.47, with an annualized covariance of 458.4 %².
By 3-year correlation, SPY places #7 of the 13 assets tracked against ORIO. The last year tells two different stories: SPY led by 75.3 percentage points, -54.7% for ORIO against +20.6% for SPY. Note the risk asymmetry: ORIO runs 5.5 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.
ORIO vs SPY: side by side
| ORIO (Orion Digital Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -54.7% | +20.6% |
| 5-year return | -94.6% | +82.4% |
| Volatility (ann.) | 79.6% | 14.5% |
| Beta vs S&P 500 | 2.19 | 1.00 |
| Max drawdown (3Y) | -75.9% | -18.8% |
| Market cap | – | – |
| 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 | ORIO | SPY |
|---|---|---|
| 2022 | -84.5% | -18.2% |
| 2023 | +15.9% | +26.2% |
| 2024 | -26.1% | +24.9% |
| 2025 | -21.3% | +17.7% |
| 2026 | -18.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ORIO and SPY good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ORIO and SPY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.35 over the last year and 0.47 over 5 years.
Is SPY a good diversifier for ORIO?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 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: ORIO correlations · SPY correlations
