NDAQ vs SPGI: Correlation
Nasdaq, Inc. (NDAQ) and S&P Global (SPGI) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NDAQ and SPGI?
Across a 3-year window, the weekly returns of NDAQ and SPGI correlate at 0.73, strong. Recent behaviour matches the longer record: 0.77 over 1 year against 0.73 over 3. Stretching to 5 years gives 0.71, with an annualized covariance of 417.4 %².
SPGI is one of the assets that tracks NDAQ most closely: it ranks #1 out of the 35 assets we track against NDAQ. Correlation aside, the last 12 months split them widely, with NDAQ ahead by 21.7 points (+6.1% versus -15.6%). This link changes with the market regime, having swung between 0.37 and 0.90 on a rolling one-year basis.
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.
NDAQ vs SPGI: side by side
| NDAQ (Nasdaq, Inc.) | SPGI (S&P Global) | |
|---|---|---|
| 1-year return | +6.1% | -15.6% |
| 5-year return | +64.4% | +8.1% |
| Volatility (ann.) | 23.2% | 24.7% |
| Beta vs S&P 500 | 0.80 | 0.86 |
| Max drawdown (3Y) | -23.4% | -30.5% |
| Market cap | $55.5B | $128.4B |
| P/E (trailing) | 29.0 | 26.6 |
| Dividend yield | 1.13% | 0.88% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | NDAQ | SPGI |
|---|---|---|
| 2022 | -11.2% | -28.4% |
| 2023 | -3.7% | +32.8% |
| 2024 | +34.8% | +13.9% |
| 2025 | +27.2% | +5.7% |
| 2026 | +3.0% | -11.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NDAQ and SPGI good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NDAQ and SPGI?
The NDAQ/SPGI correlation stands at 0.73 on a 3-year window (1 year: 0.77, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is SPGI a good diversifier for NDAQ?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
On the −1 to +1 scale, 0.73 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: NDAQ correlations · SPGI correlations
