NAMS vs SPY: Correlation
Measured on weekly returns over the past three years, NewAmsterdam Pharma Company N.V. (NAMS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAMS and SPY?
Across a 3-year window, the weekly returns of NAMS and SPY correlate at 0.34, moderate. The past 12 months show a weaker link (0.15) than the 3-year average (0.34). Stretching to 5 years gives 0.19, with an annualized covariance of 362.0 %².
Out of 11 assets tracked against NAMS, SPY lands near the bottom at #7. On 12-month performance SPY holds a 11.1-point edge, +9.5% against +20.6%. Risk is not evenly split, since NAMS carries 5.1 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.
NAMS vs SPY: side by side
| NAMS (NewAmsterdam Pharma Company N.V.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.5% | +20.6% |
| 5-year return | +177.3% | +82.4% |
| Volatility (ann.) | 74.2% | 14.5% |
| Beta vs S&P 500 | 1.73 | 1.00 |
| Max drawdown (3Y) | -45.4% | -18.8% |
| Market cap | $3.1B | – |
| 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 | NAMS | SPY |
|---|---|---|
| 2022 | +11.8% | -18.2% |
| 2023 | +2.5% | +26.2% |
| 2024 | +130.1% | +24.9% |
| 2025 | +36.5% | +17.7% |
| 2026 | -23.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAMS and SPY good diversifiers for each other?
Reasonably. At 0.34, NAMS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NAMS and SPY?
As of 2026-08-27, the correlation of weekly returns between NAMS and SPY is 0.34 over 3 years, 0.15 over 1 year and 0.19 over 5 years.
Is SPY a good diversifier for NAMS?
Reasonably. At 0.34, NAMS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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: NAMS correlations · SPY correlations
