NAT vs SPY: Correlation
Nordic American Tankers Limited (NAT) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAT and SPY?
On 3 years of weekly data the NAT/SPY correlation comes out at 0.12, weak. The relationship has been stable: the 1-year correlation (0.04) sits close to the 3-year figure. The 5-year figure is 0.11, and annualized covariance runs at 62.1 %².
SPY is close to the least connected end of NAT's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with NAT ahead by 117.0 points (+137.6% versus +20.6%). Risk is not evenly split, since NAT carries 2.5 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.
NAT vs SPY: side by side
| NAT (Nordic American Tankers Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +137.6% | +20.6% |
| 5-year return | +351.2% | +82.4% |
| Volatility (ann.) | 36.0% | 14.5% |
| Beta vs S&P 500 | 0.30 | 1.00 |
| Max drawdown (3Y) | -46.3% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 25.0 | – |
| Dividend yield | 9.51% | 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 | NAT | SPY |
|---|---|---|
| 2022 | +87.9% | -18.2% |
| 2023 | +55.8% | +26.2% |
| 2024 | -33.6% | +24.9% |
| 2025 | +44.6% | +17.7% |
| 2026 | +111.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAT and SPY good diversifiers for each other?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NAT and SPY?
As of 2026-08-27, the correlation of weekly returns between NAT and SPY is 0.12 over 3 years, 0.04 over 1 year and 0.11 over 5 years.
Is SPY a good diversifier for NAT?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: NAT correlations · SPY correlations
