NBR vs SPY: Correlation
How closely do Nabors Industries Ltd. (NBR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.20, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBR and SPY?
Over the past 3 years, NBR and SPY moved with a correlation of 0.20, which is weak. The link has loosened recently: the 1-year correlation (0.04) runs below the 3-year figure (0.20). Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 184.5 %².
SPY is close to the least connected end of NBR's tracked universe, ranking #14 of 18. Their recent paths diverged sharply: over the last 12 months NBR outperformed by 132.7 percentage points (+153.3% for NBR against +20.6% for SPY). One caveat on sizing: NBR is 4.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NBR vs SPY: side by side
| NBR (Nabors Industries Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +153.3% | +20.6% |
| 5-year return | +10.3% | +82.4% |
| Volatility (ann.) | 65.2% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -82.2% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | 5.9 | – |
| 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 | NBR | SPY |
|---|---|---|
| 2022 | +91.0% | -18.2% |
| 2023 | -47.3% | +26.2% |
| 2024 | -30.0% | +24.9% |
| 2025 | -5.0% | +17.7% |
| 2026 | +68.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NBR and SPY?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with 0.04 over the last year and 0.30 over 5 years.
Is SPY a good diversifier for NBR?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.20 mean?
On the −1 to +1 scale, 0.20 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: NBR correlations · SPY correlations
