OSCR vs SPY: Correlation
Measured on weekly returns over the past three years, Oscar Health, Inc. (OSCR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OSCR and SPY?
On 3 years of weekly data the OSCR/SPY correlation comes out at 0.23, weak. The link has tightened recently: the 1-year correlation (0.40) runs above the 3-year figure (0.23). The 5-year figure is 0.30, and annualized covariance runs at 270.5 %².
Among the 10 assets we track against OSCR, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: OSCR led by 56.0 percentage points, +76.6% for OSCR against +20.6% for SPY. One caveat on sizing: OSCR is 5.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
OSCR vs SPY: side by side
| OSCR (Oscar Health, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +76.6% | +20.6% |
| 5-year return | +96.9% | +82.4% |
| Volatility (ann.) | 80.0% | 14.5% |
| Beta vs S&P 500 | 1.29 | 1.00 |
| Max drawdown (3Y) | -53.4% | -18.8% |
| Market cap | $9.3B | – |
| P/E (trailing) | 24.0 | – |
| 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 | OSCR | SPY |
|---|---|---|
| 2022 | -68.7% | -18.2% |
| 2023 | +272.0% | +26.2% |
| 2024 | +46.9% | +24.9% |
| 2025 | +6.9% | +17.7% |
| 2026 | +109.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OSCR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between OSCR and SPY?
As of 2026-08-27, the correlation of weekly returns between OSCR and SPY is 0.23 over 3 years, 0.40 over 1 year and 0.30 over 5 years.
Is SPY a good diversifier for OSCR?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 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: OSCR correlations · SPY correlations
