SPY vs SVRN: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and OceanPal Inc. (SVRN) trade together? Their weekly returns over three years give a correlation of 0.07, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SVRN?
Over the past 3 years, SPY and SVRN moved with a correlation of 0.07, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.14 lands near the 3-year figure. Over 5 years the correlation is 0.09, and the annualized covariance of weekly returns is 148.6 %².
Within SPY's tracked universe of 4755 assets, SVRN comes in at #4293 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 92.8 points (+20.6% versus -72.2%). One caveat on sizing: SVRN is 10.6 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.
SPY vs SVRN: side by side
| SPY (SPDR S&P 500 ETF Trust) | SVRN (OceanPal Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -72.2% |
| 5-year return | +82.4% | -100.0% |
| Volatility (ann.) | 14.5% | 153.9% |
| Beta vs S&P 500 | 1.00 | 0.71 |
| Max drawdown (3Y) | -18.8% | -99.7% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SVRN |
|---|---|---|
| 2022 | -18.2% | -99.4% |
| 2023 | +26.2% | -90.0% |
| 2024 | +24.9% | -48.0% |
| 2025 | +17.7% | -96.3% |
| 2026 | +13.7% | -59.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SVRN good diversifiers for each other?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPY and SVRN?
The SPY/SVRN correlation stands at 0.07 on a 3-year window (1 year: 0.14, 5 years: 0.09), computed from weekly returns as of 2026-08-27.
Is SVRN a good diversifier for SPY?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.07 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: SPY correlations · SVRN correlations
