NEWP vs SPY: Correlation
Measured on weekly returns over the past three years, New Pacific Metals Corp. (NEWP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEWP and SPY?
On 3 years of weekly data the NEWP/SPY correlation comes out at 0.37, moderate. Recent behaviour matches the longer record: 0.42 over 1 year against 0.37 over 3. The 5-year figure is 0.29, and annualized covariance runs at 409.3 %².
SPY is close to the least connected end of NEWP's tracked universe, ranking #8 of 12. The last year tells two different stories: NEWP led by 298.0 percentage points, +318.6% for NEWP against +20.6% for SPY. Risk is not evenly split, since NEWP carries 5.3 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.
NEWP vs SPY: side by side
| NEWP (New Pacific Metals Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +318.6% | +20.6% |
| 5-year return | +96.6% | +82.4% |
| Volatility (ann.) | 76.6% | 14.5% |
| Beta vs S&P 500 | 1.96 | 1.00 |
| Max drawdown (3Y) | -64.6% | -18.8% |
| Market cap | $1.4B | – |
| 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 | NEWP | SPY |
|---|---|---|
| 2022 | -23.5% | -18.2% |
| 2023 | -15.1% | +26.2% |
| 2024 | -38.2% | +24.9% |
| 2025 | +197.5% | +17.7% |
| 2026 | +111.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEWP and SPY good diversifiers for each other?
Reasonably. At 0.37, NEWP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NEWP and SPY?
As of 2026-08-27, the correlation of weekly returns between NEWP and SPY is 0.37 over 3 years, 0.42 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for NEWP?
Reasonably. At 0.37, NEWP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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.
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Related comparisons
Hubs: NEWP correlations · SPY correlations
