OZK vs SPY: Correlation
Bank OZK (OZK) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OZK and SPY?
Across a 3-year window, the weekly returns of OZK and SPY correlate at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.17 versus 0.44 over 3 years. Stretching to 5 years gives 0.49, with an annualized covariance of 207.8 %².
By 3-year correlation, SPY places #7 of the 13 assets tracked against OZK. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 24.0 percentage points (-3.4% for OZK against +20.6% for SPY). Risk is not evenly split, since OZK carries 2.3 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.
OZK vs SPY: side by side
| OZK (Bank OZK) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.4% | +20.6% |
| 5-year return | +40.0% | +82.4% |
| Volatility (ann.) | 32.8% | 14.5% |
| Beta vs S&P 500 | 0.99 | 1.00 |
| Max drawdown (3Y) | -29.2% | -18.8% |
| Market cap | $5.4B | – |
| P/E (trailing) | 8.2 | – |
| Dividend yield | 3.68% | 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 | OZK | SPY |
|---|---|---|
| 2022 | -11.2% | -18.2% |
| 2023 | +29.1% | +26.2% |
| 2024 | -7.4% | +24.9% |
| 2025 | +7.4% | +17.7% |
| 2026 | +10.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OZK and SPY good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OZK and SPY?
As of 2026-08-27, the correlation of weekly returns between OZK and SPY is 0.44 over 3 years, 0.17 over 1 year and 0.49 over 5 years.
Is SPY a good diversifier for OZK?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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: OZK correlations · SPY correlations
