NB vs SPY: Correlation
Measured on weekly returns over the past three years, NioCorp Developments Ltd. (NB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.05, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NB and SPY?
Across a 3-year window, the weekly returns of NB and SPY correlate at 0.05, near zero, meaning they move largely independently. The past 12 months show a tighter link (0.40) than the 3-year average (0.05). Stretching to 5 years gives n/a, with an annualized covariance of 69.8 %².
Among the 23 assets we track against NB, SPY ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 26.2 points (-5.6% versus +20.6%). Note the risk asymmetry: NB runs 6.2 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.
NB vs SPY: side by side
| NB (NioCorp Developments Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -5.6% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 90.1% | 14.5% |
| Beta vs S&P 500 | 0.33 | 1.00 |
| Max drawdown (3Y) | -74.7% | -18.8% |
| Market cap | $0.6B | – |
| 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 | NB | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | -51.4% | +24.9% |
| 2025 | +241.9% | +17.7% |
| 2026 | -17.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NB and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between NB and SPY?
The NB/SPY correlation stands at 0.05 on a 3-year window (1 year: 0.40, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NB?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
What does a correlation of 0.05 mean?
On the −1 to +1 scale, 0.05 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nb-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nb-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NB correlations · SPY correlations
