NDSN vs SPYV: Correlation
Nordson Corporation (NDSN) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NDSN and SPYV?
On 3 years of weekly data the NDSN/SPYV correlation comes out at 0.72, strong. Lately the two have drifted apart, with the 1-year correlation at 0.50 versus 0.72 over 3 years. The 5-year figure is 0.71, and annualized covariance runs at 214.6 %².
By 3-year correlation, SPYV places #4 of the 39 assets tracked against NDSN. Correlation aside, the last 12 months split them widely, with NDSN ahead by 30.0 points (+48.5% versus +18.5%). The rolling one-year correlation moved between 0.57 and 0.84 over the past three years, a moderate range. Note the risk asymmetry: NDSN runs 2.0 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 SPYV: side by side
| NDSN (Nordson Corporation) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +48.5% | +18.5% |
| 5-year return | +46.5% | +73.5% |
| Volatility (ann.) | 24.7% | 12.1% |
| Beta vs S&P 500 | 0.97 | 0.70 |
| Max drawdown (3Y) | -39.1% | -17.5% |
| Market cap | $18.4B | – |
| P/E (trailing) | 33.5 | – |
| Dividend yield | 0.98% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Industrials | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | NDSN | SPYV |
|---|---|---|
| 2022 | -5.9% | -5.3% |
| 2023 | +12.4% | +22.2% |
| 2024 | -20.1% | +12.2% |
| 2025 | +17.0% | +13.2% |
| 2026 | +38.4% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPYV holds NDSN at a 0.06% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are NDSN and SPYV good diversifiers for each other?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NDSN and SPYV?
As of 2026-08-27, the correlation of weekly returns between NDSN and SPYV is 0.72 over 3 years, 0.50 over 1 year and 0.71 over 5 years.
Is SPYV a good diversifier for NDSN?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.72 mean?
On the −1 to +1 scale, 0.72 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ndsn-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ndsn-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NDSN correlations · SPYV correlations
