OUST vs SPY: Correlation
How closely do Ouster, Inc. (OUST) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OUST and SPY?
Over the past 3 years, OUST and SPY moved with a correlation of 0.37, which is moderate. The past 12 months show a tighter link (0.54) than the 3-year average (0.37). Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 548.4 %².
By 3-year correlation, SPY places #8 of the 14 assets tracked against OUST. Neither side won the trailing year by much: +20.7% against +20.6%. One caveat on sizing: OUST is 7.1 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.
OUST vs SPY: side by side
| OUST (Ouster, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.7% | +20.6% |
| 5-year return | -56.2% | +82.4% |
| Volatility (ann.) | 102.7% | 14.5% |
| Beta vs S&P 500 | 2.63 | 1.00 |
| Max drawdown (3Y) | -64.0% | -18.8% |
| Market cap | $2.6B | – |
| 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 | OUST | SPY |
|---|---|---|
| 2022 | -83.4% | -18.2% |
| 2023 | -11.1% | +26.2% |
| 2024 | +59.3% | +24.9% |
| 2025 | +77.1% | +17.7% |
| 2026 | +68.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OUST and SPY good diversifiers for each other?
Reasonably. At 0.37, OUST and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OUST and SPY?
The OUST/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.54, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OUST?
Reasonably. At 0.37, OUST and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 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: OUST correlations · SPY correlations
