OSW vs SPY: Correlation
Measured on weekly returns over the past three years, OneSpaWorld Holdings Limited (OSW) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OSW and SPY?
On 3 years of weekly data the OSW/SPY correlation comes out at 0.41, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.15 versus 0.41 over 3 years. The 5-year figure is 0.38, and annualized covariance runs at 186.5 %².
SPY is close to the least connected end of OSW's tracked universe, ranking #6 of 10. The trailing year gives SPY the advantage: +15.2% versus +20.6%, a 5.4-point spread. One caveat on sizing: OSW is 2.2 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.
OSW vs SPY: side by side
| OSW (OneSpaWorld Holdings Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.2% | +20.6% |
| 5-year return | +153.8% | +82.4% |
| Volatility (ann.) | 31.3% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -34.6% | -18.8% |
| Market cap | $2.7B | – |
| P/E (trailing) | 33.1 | – |
| Dividend yield | 0.72% | 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 | OSW | SPY |
|---|---|---|
| 2022 | -6.9% | -18.2% |
| 2023 | +51.1% | +26.2% |
| 2024 | +41.8% | +24.9% |
| 2025 | +5.1% | +17.7% |
| 2026 | +27.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OSW and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OSW and SPY?
The OSW/SPY correlation stands at 0.41 on a 3-year window (1 year: 0.15, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OSW?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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: OSW correlations · SPY correlations
