NDSN vs SPY: Correlation
Nordson Corporation (NDSN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NDSN and SPY?
On 3 years of weekly data the NDSN/SPY correlation comes out at 0.57, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.26 versus 0.57 over 3 years. The 5-year figure is 0.66, and annualized covariance runs at 203.3 %².
Among the 39 assets we track against NDSN, SPY ranks #22 by 3-year correlation. The last year tells two different stories: NDSN led by 27.9 percentage points, +48.5% for NDSN against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.32 to 0.76. Note the risk asymmetry: NDSN runs 1.7 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.
NDSN vs SPY: side by side
| NDSN (Nordson Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +48.5% | +20.6% |
| 5-year return | +46.5% | +82.4% |
| Volatility (ann.) | 24.7% | 14.5% |
| Beta vs S&P 500 | 0.97 | 1.00 |
| Max drawdown (3Y) | -39.1% | -18.8% |
| Market cap | $18.4B | – |
| P/E (trailing) | 33.5 | – |
| Dividend yield | 0.98% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | NDSN | SPY |
|---|---|---|
| 2022 | -5.9% | -18.2% |
| 2023 | +12.4% | +26.2% |
| 2024 | -20.1% | +24.9% |
| 2025 | +17.0% | +17.7% |
| 2026 | +38.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NDSN and SPY good diversifiers for each other?
Only partially. A correlation of 0.57 means NDSN and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NDSN and SPY?
As of 2026-08-27, the correlation of weekly returns between NDSN and SPY is 0.57 over 3 years, 0.26 over 1 year and 0.66 over 5 years.
Is SPY a good diversifier for NDSN?
Only partially. A correlation of 0.57 means NDSN and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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: NDSN correlations · SPY correlations
