OSG vs SPY: Correlation
How closely do Octave Specialty Group, Inc. (OSG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OSG and SPY?
Across a 3-year window, the weekly returns of OSG and SPY correlate at 0.24, weak. The relationship has been stable: the 1-year correlation (0.15) sits close to the 3-year figure. Stretching to 5 years gives 0.23, with an annualized covariance of 180.1 %².
SPY is close to the least connected end of OSG's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 69.6 percentage points (-49.0% for OSG against +20.6% for SPY). Risk is not evenly split, since OSG carries 3.6 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.
OSG vs SPY: side by side
| OSG (Octave Specialty Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -49.0% | +20.6% |
| 5-year return | -68.2% | +82.4% |
| Volatility (ann.) | 51.8% | 14.5% |
| Beta vs S&P 500 | 0.86 | 1.00 |
| Max drawdown (3Y) | -78.5% | -18.8% |
| Market cap | $0.2B | – |
| 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 | OSG | SPY |
|---|---|---|
| 2022 | +8.7% | -18.2% |
| 2023 | -5.5% | +26.2% |
| 2024 | -23.2% | +24.9% |
| 2025 | -38.5% | +17.7% |
| 2026 | -42.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OSG and SPY good diversifiers for each other?
Reasonably. At 0.24, OSG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OSG and SPY?
As of 2026-08-27, the correlation of weekly returns between OSG and SPY is 0.24 over 3 years, 0.15 over 1 year and 0.23 over 5 years.
Is SPY a good diversifier for OSG?
Reasonably. At 0.24, OSG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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: OSG correlations · SPY correlations
