ORLY vs SPY: Correlation
Measured on weekly returns over the past three years, O'Reilly Automotive (ORLY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.14, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ORLY and SPY?
On 3 years of weekly data the ORLY/SPY correlation comes out at 0.14, weak. The past 12 months show a weaker link (0.00) than the 3-year average (0.14). The 5-year figure is 0.33, and annualized covariance runs at 41.0 %².
Within ORLY's tracked universe of 29 assets, SPY comes in at #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 36.2 percentage points (-15.6% for ORLY against +20.6% for SPY). Across three years, the rolling one-year figure varied moderately, from -0.03 to 0.36.
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.
ORLY vs SPY: side by side
| ORLY (O'Reilly Automotive) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -15.6% | +20.6% |
| 5-year return | +120.8% | +82.4% |
| Volatility (ann.) | 19.8% | 14.5% |
| Beta vs S&P 500 | 0.20 | 1.00 |
| Max drawdown (3Y) | -23.3% | -18.8% |
| Market cap | $71.1B | – |
| P/E (trailing) | 28.4 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | ORLY | SPY |
|---|---|---|
| 2022 | +19.5% | -18.2% |
| 2023 | +12.6% | +26.2% |
| 2024 | +24.8% | +24.9% |
| 2025 | +15.4% | +17.7% |
| 2026 | -3.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds ORLY at a 0.11% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are ORLY and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between ORLY and SPY?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.00 over the last year and 0.33 over 5 years.
Is SPY a good diversifier for ORLY?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
What does a correlation of 0.14 mean?
A reading of 0.14 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: ORLY correlations · SPY correlations
