NCPL vs SPY: Correlation
How closely do Netcapital Inc. (NCPL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.17, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCPL and SPY?
Over the past 3 years, NCPL and SPY moved with a correlation of 0.17, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.32 versus 0.17 over 3 years. Over 5 years the correlation is 0.15, and the annualized covariance of weekly returns is 377.2 %².
Among the 10 assets we track against NCPL, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 95.0 percentage points, -74.4% for NCPL against +20.6% for SPY. Note the risk asymmetry: NCPL runs 10.5 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.
NCPL vs SPY: side by side
| NCPL (Netcapital Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -74.4% | +20.6% |
| 5-year return | -99.9% | +82.4% |
| Volatility (ann.) | 152.6% | 14.5% |
| Beta vs S&P 500 | 1.81 | 1.00 |
| Max drawdown (3Y) | -99.4% | -18.8% |
| Market cap | – | – |
| 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 | NCPL | SPY |
|---|---|---|
| 2022 | -90.0% | -18.2% |
| 2023 | -85.9% | +26.2% |
| 2024 | -86.0% | +24.9% |
| 2025 | -68.3% | +17.7% |
| 2026 | -18.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCPL and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between NCPL and SPY?
As of 2026-08-27, the correlation of weekly returns between NCPL and SPY is 0.17 over 3 years, 0.32 over 1 year and 0.15 over 5 years.
Is SPY a good diversifier for NCPL?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
What does a correlation of 0.17 mean?
A reading of 0.17 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: NCPL correlations · SPY correlations
