NCMI vs SPY: Correlation
How closely do National CineMedia, Inc. (NCMI) 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 NCMI and SPY?
Across a 3-year window, the weekly returns of NCMI and SPY correlate at 0.20, weak. Little has changed lately, as the 1-year reading of 0.26 lands near the 3-year figure. Stretching to 5 years gives 0.20, with an annualized covariance of 152.7 %².
Among the 10 assets we track against NCMI, SPY sits near the bottom by co-movement, at rank #6. The last year tells two different stories: SPY led by 61.2 percentage points, -40.6% for NCMI against +20.6% for SPY. One caveat on sizing: NCMI is 3.6 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.
NCMI vs SPY: side by side
| NCMI (National CineMedia, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -40.6% | +20.6% |
| 5-year return | -88.8% | +82.4% |
| Volatility (ann.) | 51.6% | 14.5% |
| Beta vs S&P 500 | 0.73 | 1.00 |
| Max drawdown (3Y) | -68.9% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.41% | 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 | NCMI | SPY |
|---|---|---|
| 2022 | -91.7% | -18.2% |
| 2023 | +88.2% | +26.2% |
| 2024 | +60.4% | +24.9% |
| 2025 | -39.9% | +17.7% |
| 2026 | -34.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCMI 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 NCMI and SPY?
As of 2026-08-27, the correlation of weekly returns between NCMI and SPY is 0.20 over 3 years, 0.26 over 1 year and 0.20 over 5 years.
Is SPY a good diversifier for NCMI?
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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Hubs: NCMI correlations · SPY correlations
