NDLS vs SPY: Correlation
How closely do Noodles & Company (NDLS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.15, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NDLS and SPY?
Across a 3-year window, the weekly returns of NDLS and SPY correlate at 0.15, weak. Lately the two have drifted apart, with the 1-year correlation at 0.01 versus 0.15 over 3 years. Stretching to 5 years gives 0.21, with an annualized covariance of 215.5 %².
Among the 10 assets we track against NDLS, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months NDLS outperformed by 139.4 percentage points (+160.0% for NDLS against +20.6% for SPY). Note the risk asymmetry: NDLS runs 6.8 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.
NDLS vs SPY: side by side
| NDLS (Noodles & Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +160.0% | +20.6% |
| 5-year return | -85.0% | +82.4% |
| Volatility (ann.) | 98.0% | 14.5% |
| Beta vs S&P 500 | 1.03 | 1.00 |
| Max drawdown (3Y) | -85.6% | -18.8% |
| Market cap | $0.1B | – |
| 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 | NDLS | SPY |
|---|---|---|
| 2022 | -39.5% | -18.2% |
| 2023 | -42.6% | +26.2% |
| 2024 | -81.6% | +24.9% |
| 2025 | +22.4% | +17.7% |
| 2026 | +160.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NDLS and SPY good diversifiers for each other?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NDLS and SPY?
As of 2026-08-27, the correlation of weekly returns between NDLS and SPY is 0.15 over 3 years, 0.01 over 1 year and 0.21 over 5 years.
Is SPY a good diversifier for NDLS?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.15 mean?
On the −1 to +1 scale, 0.15 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: NDLS correlations · SPY correlations
