OTLK vs SPY: Correlation
Outlook Therapeutics, Inc. (OTLK) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.10.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OTLK and SPY?
On 3 years of weekly data the OTLK/SPY correlation comes out at 0.10, weak. Little has changed lately, as the 1-year reading of 0.18 lands near the 3-year figure. The 5-year figure is 0.12, and annualized covariance runs at 199.0 %².
SPY is close to the least connected end of OTLK's tracked universe, ranking #7 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 93.6 percentage points (-73.0% for OTLK against +20.6% for SPY). Note the risk asymmetry: OTLK runs 9.9 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.
OTLK vs SPY: side by side
| OTLK (Outlook Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -73.0% | +20.6% |
| 5-year return | -98.8% | +82.4% |
| Volatility (ann.) | 143.2% | 14.5% |
| Beta vs S&P 500 | 0.95 | 1.00 |
| Max drawdown (3Y) | -99.3% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | OTLK | SPY |
|---|---|---|
| 2022 | -20.6% | -18.2% |
| 2023 | -63.5% | +26.2% |
| 2024 | -76.0% | +24.9% |
| 2025 | -16.4% | +17.7% |
| 2026 | -59.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OTLK and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
FAQ
What is the correlation between OTLK and SPY?
As of 2026-08-27, the correlation of weekly returns between OTLK and SPY is 0.10 over 3 years, 0.18 over 1 year and 0.12 over 5 years.
Is SPY a good diversifier for OTLK?
By historical standards, yes. A correlation of 0.10 means the two rarely move for the same reasons.
What does a correlation of 0.10 mean?
A reading of 0.10 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: OTLK correlations · SPY correlations
