OSIS vs SPY: Correlation
Measured on weekly returns over the past three years, OSI Systems, Inc. (OSIS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OSIS and SPY?
On 3 years of weekly data the OSIS/SPY correlation comes out at 0.53, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.36 versus 0.53 over 3 years. The 5-year figure is 0.51, and annualized covariance runs at 289.9 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against OSIS. The last year tells two different stories: SPY led by 29.1 percentage points, -8.5% for OSIS against +20.6% for SPY. Note the risk asymmetry: OSIS runs 2.6 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.
OSIS vs SPY: side by side
| OSIS (OSI Systems, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -8.5% | +20.6% |
| 5-year return | +113.6% | +82.4% |
| Volatility (ann.) | 38.1% | 14.5% |
| Beta vs S&P 500 | 1.39 | 1.00 |
| Max drawdown (3Y) | -36.2% | -18.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | 23.6 | – |
| 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 | OSIS | SPY |
|---|---|---|
| 2022 | -14.7% | -18.2% |
| 2023 | +62.3% | +26.2% |
| 2024 | +29.7% | +24.9% |
| 2025 | +52.3% | +17.7% |
| 2026 | -17.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OSIS and SPY good diversifiers for each other?
Only partially. A correlation of 0.53 means OSIS and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between OSIS and SPY?
The OSIS/SPY correlation stands at 0.53 on a 3-year window (1 year: 0.36, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OSIS?
Only partially. A correlation of 0.53 means OSIS and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
A reading of 0.53 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: OSIS correlations · SPY correlations
