OUT vs SPY: Correlation
How closely do OUTFRONT Media Inc. (OUT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OUT and SPY?
Over the past 3 years, OUT and SPY moved with a correlation of 0.47, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.47 over 3 years. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 254.7 %².
Among the 15 assets we track against OUT, SPY ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OUT outperformed by 46.2 percentage points (+66.8% for OUT against +20.6% for SPY). Note the risk asymmetry: OUT runs 2.6 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.
OUT vs SPY: side by side
| OUT (OUTFRONT Media Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +66.8% | +20.6% |
| 5-year return | +65.9% | +82.4% |
| Volatility (ann.) | 37.2% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -32.0% | -18.8% |
| Market cap | $5.3B | – |
| P/E (trailing) | 21.9 | – |
| Dividend yield | 3.92% | 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 | OUT | SPY |
|---|---|---|
| 2022 | -34.4% | -18.2% |
| 2023 | -8.0% | +26.2% |
| 2024 | +40.6% | +24.9% |
| 2025 | +41.5% | +17.7% |
| 2026 | +27.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OUT 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 OUT and SPY?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.20 over the last year and 0.59 over 5 years.
Is SPY a good diversifier for OUT?
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: OUT correlations · SPY correlations
