OXBR vs SPY: Correlation
Measured on weekly returns over the past three years, Oxbridge Re Holdings Limited (OXBR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.20, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXBR and SPY?
Over the past 3 years, OXBR and SPY moved with a correlation of 0.20, which is weak. The relationship has been stable: the 1-year correlation (0.20) sits close to the 3-year figure. Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 251.3 %².
Among the 11 assets we track against OXBR, SPY sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 61.0 percentage points (-40.4% for OXBR against +20.6% for SPY). One caveat on sizing: OXBR is 6.1 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.
OXBR vs SPY: side by side
| OXBR (Oxbridge Re Holdings Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -40.4% | +20.6% |
| 5-year return | -58.6% | +82.4% |
| Volatility (ann.) | 88.3% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -87.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 63.5 | – |
| 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 | OXBR | SPY |
|---|---|---|
| 2022 | -78.6% | -18.2% |
| 2023 | -8.3% | +26.2% |
| 2024 | +274.6% | +24.9% |
| 2025 | -68.0% | +17.7% |
| 2026 | -3.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OXBR and SPY good diversifiers for each other?
Reasonably. At 0.20, OXBR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OXBR and SPY?
The OXBR/SPY correlation stands at 0.20 on a 3-year window (1 year: 0.20, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for OXBR?
Reasonably. At 0.20, OXBR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.20 mean?
A reading of 0.20 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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Hubs: OXBR correlations · SPY correlations
