NABL vs SPY: Correlation
N-able, Inc. (NABL) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NABL and SPY?
Across a 3-year window, the weekly returns of NABL and SPY correlate at 0.23, weak. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.23 over 3 years. Stretching to 5 years gives 0.25, with an annualized covariance of 162.3 %².
By 3-year correlation, SPY places #7 of the 13 assets tracked against NABL. Correlation aside, the last 12 months split them widely, with SPY ahead by 71.1 points (-50.5% versus +20.6%). One caveat on sizing: NABL is 3.4 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.
NABL vs SPY: side by side
| NABL (N-able, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -50.5% | +20.6% |
| 5-year return | -69.9% | +82.4% |
| Volatility (ann.) | 49.3% | 14.5% |
| Beta vs S&P 500 | 0.78 | 1.00 |
| Max drawdown (3Y) | -80.4% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| 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 | NABL | SPY |
|---|---|---|
| 2022 | -7.4% | -18.2% |
| 2023 | +28.9% | +26.2% |
| 2024 | -29.5% | +24.9% |
| 2025 | -19.9% | +17.7% |
| 2026 | -47.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NABL and SPY good diversifiers for each other?
Reasonably. At 0.23, NABL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NABL and SPY?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with 0.09 over the last year and 0.25 over 5 years.
Is SPY a good diversifier for NABL?
Reasonably. At 0.23, NABL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 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: NABL correlations · SPY correlations
