OSBC vs SPY: Correlation
How closely do Old Second Bancorp, Inc. (OSBC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OSBC and SPY?
Over the past 3 years, OSBC and SPY moved with a correlation of 0.36, which is moderate. The past 12 months show a weaker link (0.14) than the 3-year average (0.36). Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 140.3 %².
Within OSBC's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OSBC ahead by 16.8 points (+37.4% versus +20.6%). Risk is not evenly split, since OSBC carries 1.8 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.
OSBC vs SPY: side by side
| OSBC (Old Second Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +37.4% | +20.6% |
| 5-year return | +130.4% | +82.4% |
| Volatility (ann.) | 26.8% | 14.5% |
| Beta vs S&P 500 | 0.67 | 1.00 |
| Max drawdown (3Y) | -25.5% | -18.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 14.6 | – |
| Dividend yield | 1.07% | 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 | OSBC | SPY |
|---|---|---|
| 2022 | +29.2% | -18.2% |
| 2023 | -2.4% | +26.2% |
| 2024 | +16.7% | +24.9% |
| 2025 | +11.3% | +17.7% |
| 2026 | +30.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OSBC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between OSBC and SPY?
As of 2026-08-27, the correlation of weekly returns between OSBC and SPY is 0.36 over 3 years, 0.14 over 1 year and 0.33 over 5 years.
Is SPY a good diversifier for OSBC?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: OSBC correlations · SPY correlations
