NEE vs SPY: Correlation
NextEra Energy (NEE) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEE and SPY?
On 3 years of weekly data the NEE/SPY correlation comes out at 0.15, weak. Lately the two have drifted apart, with the 1-year correlation at -0.17 versus 0.15 over 3 years. The 5-year figure is 0.34, and annualized covariance runs at 58.8 %².
Among the 29 assets we track against NEE, SPY ranks #18 by 3-year correlation. Their 12-month results are close: +16.2% for NEE against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between -0.17 and 0.49 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: NEE is 1.8 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.
NEE vs SPY: side by side
| NEE (NextEra Energy) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.2% | +20.6% |
| 5-year return | +12.9% | +82.4% |
| Volatility (ann.) | 26.5% | 14.5% |
| Beta vs S&P 500 | 0.28 | 1.00 |
| Max drawdown (3Y) | -28.8% | -18.8% |
| Market cap | $174.1B | – |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 2.82% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | NEE | SPY |
|---|---|---|
| 2022 | -8.5% | -18.2% |
| 2023 | -25.3% | +26.2% |
| 2024 | +21.5% | +24.9% |
| 2025 | +15.5% | +17.7% |
| 2026 | +5.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
NEE represents 0.27% of SPY's portfolio, so part of any move in SPY is NEE itself, and the correlation between them is partly mechanical.
Are NEE and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between NEE and SPY?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with -0.17 over the last year and 0.34 over 5 years.
Is SPY a good diversifier for NEE?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
What does a correlation of 0.15 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: NEE correlations · SPY correlations
