NCSM vs SPY: Correlation
Measured on weekly returns over the past three years, NCS Multistage Holdings, Inc. (NCSM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.01, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCSM and SPY?
Over the past 3 years, NCSM and SPY moved with a correlation of 0.01, which is near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.22) runs below the 3-year figure (0.01). Over 5 years the correlation is 0.14, and the annualized covariance of weekly returns is 10.1 %².
Within NCSM's tracked universe of 16 assets, SPY comes in at #6 by 3-year correlation. On 12-month performance NCSM holds a 13.9-point edge, +34.5% against +20.6%. One caveat on sizing: NCSM is 4.6 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.
NCSM vs SPY: side by side
| NCSM (NCS Multistage Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.5% | +20.6% |
| 5-year return | +112.6% | +82.4% |
| Volatility (ann.) | 66.0% | 14.5% |
| Beta vs S&P 500 | 0.05 | 1.00 |
| Max drawdown (3Y) | -53.3% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.7 | – |
| 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 | NCSM | SPY |
|---|---|---|
| 2022 | -13.8% | -18.2% |
| 2023 | -28.6% | +26.2% |
| 2024 | +45.4% | +24.9% |
| 2025 | +52.1% | +17.7% |
| 2026 | +28.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCSM and SPY good diversifiers for each other?
Yes. With a correlation of 0.01, NCSM and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NCSM and SPY?
The NCSM/SPY correlation stands at 0.01 on a 3-year window (1 year: -0.22, 5 years: 0.14), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NCSM?
Yes. With a correlation of 0.01, NCSM and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.01 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: NCSM correlations · SPY correlations
