OXY vs SPY: Correlation
How closely do Occidental Petroleum (OXY) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXY and SPY?
Over the past 3 years, OXY and SPY moved with a correlation of 0.06, which is near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.32 versus 0.06 over 3 years. Over 5 years the correlation is 0.16, and the annualized covariance of weekly returns is 26.9 %².
By 3-year correlation, SPY places #25 of the 38 assets tracked against OXY. Over the last 12 months OXY came out ahead by 8.3 percentage points (+28.9% against +20.6%). This link changes with the market regime, having swung between -0.31 and 0.38 on a rolling one-year basis. One caveat on sizing: OXY is 2.1 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.
OXY vs SPY: side by side
| OXY (Occidental Petroleum) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +28.9% | +20.6% |
| 5-year return | +150.8% | +82.4% |
| Volatility (ann.) | 30.6% | 14.5% |
| Beta vs S&P 500 | 0.13 | 1.00 |
| Max drawdown (3Y) | -46.9% | -18.8% |
| Market cap | $59.1B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 1.71% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Energy | 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 | OXY | SPY |
|---|---|---|
| 2022 | +119.1% | -18.2% |
| 2023 | -4.1% | +26.2% |
| 2024 | -15.9% | +24.9% |
| 2025 | -14.9% | +17.7% |
| 2026 | +45.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.06% of SPY is OXY itself, so the fund partly moves with the stock by construction.
Are OXY and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between OXY and SPY?
Using weekly returns as of 2026-08-27: 0.06 over 3 years, with -0.32 over the last year and 0.16 over 5 years.
Is SPY a good diversifier for OXY?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/oxy-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/oxy-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OXY correlations · SPY correlations
