NEM vs SPY: Correlation
Newmont (NEM) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEM and SPY?
Across a 3-year window, the weekly returns of NEM and SPY correlate at 0.29, weak. Recent behaviour matches the longer record: 0.37 over 1 year against 0.29 over 3. Stretching to 5 years gives 0.29, with an annualized covariance of 182.3 %².
Among the 34 assets we track against NEM, SPY ranks #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEM outperformed by 64.1 percentage points (+84.7% for NEM against +20.6% for SPY). This link changes with the market regime, having swung between 0.06 and 0.57 on a rolling one-year basis. One caveat on sizing: NEM is 3.0 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.
NEM vs SPY: side by side
| NEM (Newmont) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +84.7% | +20.6% |
| 5-year return | +165.9% | +82.4% |
| Volatility (ann.) | 43.0% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -36.6% | -18.8% |
| Market cap | $139.4B | – |
| P/E (trailing) | 16.6 | – |
| Dividend yield | 0.78% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Materials | 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 | NEM | SPY |
|---|---|---|
| 2022 | -20.8% | -18.2% |
| 2023 | -8.8% | +26.2% |
| 2024 | -7.8% | +24.9% |
| 2025 | +172.8% | +17.7% |
| 2026 | +33.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.21% of SPY is NEM itself, so the fund partly moves with the stock by construction.
Are NEM and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NEM and SPY?
The NEM/SPY correlation stands at 0.29 on a 3-year window (1 year: 0.37, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NEM?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
A reading of 0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NEM correlations · SPY correlations
