OXSQ vs SPY: Correlation
How closely do Oxford Square Capital Corp. - Closed End Fund (OXSQ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXSQ and SPY?
On 3 years of weekly data the OXSQ/SPY correlation comes out at 0.22, weak. The relationship has been stable: the 1-year correlation (0.15) sits close to the 3-year figure. The 5-year figure is 0.35, and annualized covariance runs at 81.9 %².
By 3-year correlation, SPY places #6 of the 20 assets tracked against OXSQ. Correlation aside, the last 12 months split them widely, with SPY ahead by 41.5 points (-20.9% versus +20.6%). Risk is not evenly split, since OXSQ carries 1.8 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.
OXSQ vs SPY: side by side
| OXSQ (Oxford Square Capital Corp. - Closed End Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -20.9% | +20.6% |
| 5-year return | -29.3% | +82.4% |
| Volatility (ann.) | 26.1% | 14.5% |
| Beta vs S&P 500 | 0.39 | 1.00 |
| Max drawdown (3Y) | -46.0% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 31.11% | 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 | OXSQ | SPY |
|---|---|---|
| 2022 | -14.4% | -18.2% |
| 2023 | +9.2% | +26.2% |
| 2024 | -1.9% | +24.9% |
| 2025 | -13.3% | +17.7% |
| 2026 | -8.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OXSQ and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OXSQ and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.15 over the last year and 0.35 over 5 years.
Is SPY a good diversifier for OXSQ?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: OXSQ correlations · SPY correlations
