OTEX vs SPY: Correlation
Measured on weekly returns over the past three years, Open Text Corporation (OTEX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OTEX and SPY?
Across a 3-year window, the weekly returns of OTEX and SPY correlate at 0.47, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.33 versus 0.47 over 3 years. Stretching to 5 years gives 0.56, with an annualized covariance of 221.2 %².
Among the 15 assets we track against OTEX, SPY ranks #10 by 3-year correlation. The last year tells two different stories: SPY led by 41.3 percentage points, -20.7% for OTEX against +20.6% for SPY. Note the risk asymmetry: OTEX runs 2.2 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.
OTEX vs SPY: side by side
| OTEX (Open Text Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -20.7% | +20.6% |
| 5-year return | -46.4% | +82.4% |
| Volatility (ann.) | 32.4% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -50.4% | -18.8% |
| Market cap | $6.1B | – |
| P/E (trailing) | 9.4 | – |
| Dividend yield | 4.52% | 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 | OTEX | SPY |
|---|---|---|
| 2022 | -35.9% | -18.2% |
| 2023 | +45.4% | +26.2% |
| 2024 | -30.4% | +24.9% |
| 2025 | +19.3% | +17.7% |
| 2026 | -21.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OTEX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between OTEX and SPY?
As of 2026-08-27, the correlation of weekly returns between OTEX and SPY is 0.47 over 3 years, 0.33 over 1 year and 0.56 over 5 years.
Is SPY a good diversifier for OTEX?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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: OTEX correlations · SPY correlations
