NEOG vs SPY: Correlation
Neogen Corporation (NEOG) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEOG and SPY?
Across a 3-year window, the weekly returns of NEOG and SPY correlate at 0.28, weak. The relationship has been stable: the 1-year correlation (0.19) sits close to the 3-year figure. Stretching to 5 years gives 0.38, with an annualized covariance of 231.8 %².
Within NEOG's tracked universe of 13 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEOG outperformed by 83.9 percentage points (+104.5% for NEOG against +20.6% for SPY). Risk is not evenly split, since NEOG carries 4.0 times the volatility of the other side.
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.
NEOG vs SPY: side by side
| NEOG (Neogen Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +104.5% | +20.6% |
| 5-year return | -73.2% | +82.4% |
| Volatility (ann.) | 57.8% | 14.5% |
| Beta vs S&P 500 | 1.11 | 1.00 |
| Max drawdown (3Y) | -81.2% | -18.8% |
| Market cap | $2.6B | – |
| 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 | NEOG | SPY |
|---|---|---|
| 2022 | -66.5% | -18.2% |
| 2023 | +32.0% | +26.2% |
| 2024 | -39.6% | +24.9% |
| 2025 | -42.4% | +17.7% |
| 2026 | +68.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEOG and SPY good diversifiers for each other?
Reasonably. At 0.28, NEOG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NEOG and SPY?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.19 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for NEOG?
Reasonably. At 0.28, NEOG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.28 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: NEOG correlations · SPY correlations
