OTIS vs SPY: Correlation
How closely do Otis Worldwide (OTIS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OTIS and SPY?
Across a 3-year window, the weekly returns of OTIS and SPY correlate at 0.44, moderate. The relationship has been stable: the 1-year correlation (0.44) sits close to the 3-year figure. Stretching to 5 years gives 0.59, with an annualized covariance of 123.1 %².
By 3-year correlation, SPY places #19 of the 31 assets tracked against OTIS. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 37.4 percentage points (-16.8% for OTIS against +20.6% for SPY). Across three years, the rolling one-year figure varied moderately, from 0.34 to 0.75.
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.
OTIS vs SPY: side by side
| OTIS (Otis Worldwide) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -16.8% | +20.6% |
| 5-year return | -15.9% | +82.4% |
| Volatility (ann.) | 19.1% | 14.5% |
| Beta vs S&P 500 | 0.59 | 1.00 |
| Max drawdown (3Y) | -32.4% | -18.8% |
| Market cap | $27.2B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 2.35% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | OTIS | SPY |
|---|---|---|
| 2022 | -8.8% | -18.2% |
| 2023 | +16.0% | +26.2% |
| 2024 | +5.2% | +24.9% |
| 2025 | -4.0% | +17.7% |
| 2026 | -16.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OTIS and SPY good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OTIS and SPY?
As of 2026-08-27, the correlation of weekly returns between OTIS and SPY is 0.44 over 3 years, 0.44 over 1 year and 0.59 over 5 years.
Is SPY a good diversifier for OTIS?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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: OTIS correlations · SPY correlations
