OVBC vs SPY: Correlation
Measured on weekly returns over the past three years, Ohio Valley Banc Corp. (OVBC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OVBC and SPY?
On 3 years of weekly data the OVBC/SPY correlation comes out at 0.06, near zero, meaning they move largely independently. The past 12 months show a tighter link (0.18) than the 3-year average (0.06). The 5-year figure is -0.04, and annualized covariance runs at 26.1 %².
Within OVBC's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. The trailing year gives OVBC the advantage: +27.8% versus +20.6%, a 7.2-point spread. Risk is not evenly split, since OVBC carries 2.2 times the volatility of the other side.
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.
OVBC vs SPY: side by side
| OVBC (Ohio Valley Banc Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.8% | +20.6% |
| 5-year return | +98.0% | +82.4% |
| Volatility (ann.) | 32.1% | 14.5% |
| Beta vs S&P 500 | 0.12 | 1.00 |
| Max drawdown (3Y) | -26.2% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 15.1 | – |
| Dividend yield | 2.08% | 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 | OVBC | SPY |
|---|---|---|
| 2022 | -7.8% | -18.2% |
| 2023 | -9.3% | +26.2% |
| 2024 | +9.3% | +24.9% |
| 2025 | +70.0% | +17.7% |
| 2026 | +15.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OVBC and SPY good diversifiers for each other?
Yes. With a correlation of 0.06, OVBC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OVBC and SPY?
The OVBC/SPY correlation stands at 0.06 on a 3-year window (1 year: 0.18, 5 years: -0.04), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OVBC?
Yes. With a correlation of 0.06, OVBC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.06 mean?
On the −1 to +1 scale, 0.06 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: OVBC correlations · SPY correlations
