NA vs SPY: Correlation
Measured on weekly returns over the past three years, Nano Labs Ltd - Class A (NA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NA and SPY?
Across a 3-year window, the weekly returns of NA and SPY correlate at 0.03, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.08 lands near the 3-year figure. Stretching to 5 years gives 0.08, with an annualized covariance of 76.1 %².
Within NA's tracked universe of 17 assets, SPY comes in at #12 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 85.9 percentage points (-65.3% for NA against +20.6% for SPY). Risk is not evenly split, since NA carries 12.5 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.
NA vs SPY: side by side
| NA (Nano Labs Ltd - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -65.3% | +20.6% |
| 5-year return | -98.2% | +82.4% |
| Volatility (ann.) | 181.1% | 14.5% |
| Beta vs S&P 500 | 0.36 | 1.00 |
| Max drawdown (3Y) | -92.7% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 2.1 | – |
| 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 | NA | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +57.4% | +26.2% |
| 2024 | -50.5% | +24.9% |
| 2025 | -64.8% | +17.7% |
| 2026 | -32.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NA and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between NA and SPY?
As of 2026-08-27, the correlation of weekly returns between NA and SPY is 0.03 over 3 years, 0.08 over 1 year and 0.08 over 5 years.
Is SPY a good diversifier for NA?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
What does a correlation of 0.03 mean?
A reading of 0.03 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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Related comparisons
Hubs: NA correlations · SPY correlations
