OSPN vs SPY: Correlation
OneSpan Inc. (OSPN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OSPN and SPY?
Over the past 3 years, OSPN and SPY moved with a correlation of 0.42, which is moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.42). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 267.4 %².
Among the 19 assets we track against OSPN, SPY ranks #12 by 3-year correlation. The trailing year gives SPY the advantage: +15.6% versus +20.6%, a 5.0-point spread. Risk is not evenly split, since OSPN carries 3.0 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.
OSPN vs SPY: side by side
| OSPN (OneSpan Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.6% | +20.6% |
| 5-year return | -8.3% | +82.4% |
| Volatility (ann.) | 43.6% | 14.5% |
| Beta vs S&P 500 | 1.28 | 1.00 |
| Max drawdown (3Y) | -47.9% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 3.32% | 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 | OSPN | SPY |
|---|---|---|
| 2022 | -33.9% | -18.2% |
| 2023 | -4.2% | +26.2% |
| 2024 | +72.9% | +24.9% |
| 2025 | -28.5% | +17.7% |
| 2026 | +32.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OSPN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between OSPN and SPY?
The OSPN/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.31, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OSPN?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: OSPN correlations · SPY correlations
