OSK vs SPY: Correlation
How closely do Oshkosh Corporation (Holding Company) (OSK) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OSK and SPY?
Across a 3-year window, the weekly returns of OSK and SPY correlate at 0.45, moderate. The past 12 months show a weaker link (0.15) than the 3-year average (0.45). Stretching to 5 years gives 0.49, with an annualized covariance of 238.4 %².
SPY is close to the least connected end of OSK's tracked universe, ranking #14 of 18. On 12-month performance SPY holds a 9.6-point edge, +11.0% against +20.6%. Note the risk asymmetry: OSK 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.
OSK vs SPY: side by side
| OSK (Oshkosh Corporation (Holding Company)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.0% | +20.6% |
| 5-year return | +47.4% | +82.4% |
| Volatility (ann.) | 37.0% | 14.5% |
| Beta vs S&P 500 | 1.14 | 1.00 |
| Max drawdown (3Y) | -36.7% | -18.8% |
| Market cap | $9.7B | – |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 1.37% | 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 | OSK | SPY |
|---|---|---|
| 2022 | -20.5% | -18.2% |
| 2023 | +25.2% | +26.2% |
| 2024 | -10.8% | +24.9% |
| 2025 | +34.5% | +17.7% |
| 2026 | +26.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OSK and SPY good diversifiers for each other?
Reasonably. At 0.45, OSK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OSK and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.15 over the last year and 0.49 over 5 years.
Is SPY a good diversifier for OSK?
Reasonably. At 0.45, OSK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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: OSK correlations · SPY correlations
