NAKA vs SPY: Correlation
Measured on weekly returns over the past three years, Nakamoto Inc. (NAKA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAKA and SPY?
Over the past 3 years, NAKA and SPY moved with a correlation of 0.24, which is weak. The relationship has been stable: the 1-year correlation (0.17) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 854.9 %².
Out of 17 assets tracked against NAKA, SPY lands near the bottom at #14. The last year tells two different stories: SPY led by 117.5 percentage points, -96.9% for NAKA against +20.6% for SPY. Note the risk asymmetry: NAKA runs 15.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NAKA vs SPY: side by side
| NAKA (Nakamoto Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -96.9% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 231.2% | 14.5% |
| Beta vs S&P 500 | 4.09 | 1.00 |
| Max drawdown (3Y) | -99.7% | -18.8% |
| Market cap | $0.1B | – |
| 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 | NAKA | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -71.7% | +17.7% |
| 2026 | -44.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAKA and SPY good diversifiers for each other?
Reasonably. At 0.24, NAKA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NAKA and SPY?
As of 2026-08-27, the correlation of weekly returns between NAKA and SPY is 0.24 over 3 years, 0.17 over 1 year and n/a over 5 years.
Is SPY a good diversifier for NAKA?
Reasonably. At 0.24, NAKA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/naka-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/naka-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NAKA correlations · SPY correlations
