NATL vs SPY: Correlation
How closely do NCR Atleos Corporation (NATL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NATL and SPY?
On 3 years of weekly data the NATL/SPY correlation comes out at 0.30, moderate. The relationship has been stable: the 1-year correlation (0.21) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 157.4 %².
SPY is close to the least connected end of NATL's tracked universe, ranking #7 of 11. The trailing year gives SPY the advantage: +14.2% versus +20.6%, a 6.4-point spread. Note the risk asymmetry: NATL runs 2.5 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.
NATL vs SPY: side by side
| NATL (NCR Atleos Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.2% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 36.3% | 14.5% |
| Beta vs S&P 500 | 0.75 | 1.00 |
| Max drawdown (3Y) | -34.7% | -18.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | 17.8 | – |
| 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 | NATL | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +39.6% | +24.9% |
| 2025 | +12.4% | +17.7% |
| 2026 | +20.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NATL and SPY good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NATL and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.21 over the last year and n/a over 5 years.
Is SPY a good diversifier for NATL?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
A reading of 0.30 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: NATL correlations · SPY correlations
