NEON vs SPY: Correlation
Neonode Inc. (NEON) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEON and SPY?
Across a 3-year window, the weekly returns of NEON and SPY correlate at 0.24, weak. The past 12 months show a tighter link (0.37) than the 3-year average (0.24). Stretching to 5 years gives 0.27, with an annualized covariance of 407.7 %².
SPY is close to the least connected end of NEON's tracked universe, ranking #8 of 12. Correlation aside, the last 12 months split them widely, with SPY ahead by 116.8 points (-96.2% versus +20.6%). One caveat on sizing: NEON is 8.2 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.
NEON vs SPY: side by side
| NEON (Neonode Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -96.2% | +20.6% |
| 5-year return | -82.6% | +82.4% |
| Volatility (ann.) | 119.0% | 14.5% |
| Beta vs S&P 500 | 1.95 | 1.00 |
| Max drawdown (3Y) | -97.4% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 1.9 | – |
| 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 | NEON | SPY |
|---|---|---|
| 2022 | -37.9% | -18.2% |
| 2023 | -58.4% | +26.2% |
| 2024 | +259.4% | +24.9% |
| 2025 | -78.9% | +17.7% |
| 2026 | -49.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEON and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NEON and SPY?
The NEON/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.37, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NEON?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 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: NEON correlations · SPY correlations
