NEWT vs SPY: Correlation
NewtekOne, Inc. (NEWT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEWT and SPY?
On 3 years of weekly data the NEWT/SPY correlation comes out at 0.43, moderate. Little has changed lately, as the 1-year reading of 0.37 lands near the 3-year figure. The 5-year figure is 0.44, and annualized covariance runs at 240.9 %².
Among the 17 assets we track against NEWT, SPY ranks #11 by 3-year correlation. The trailing year gives SPY the advantage: +5.9% versus +20.6%, a 14.7-point spread. Note the risk asymmetry: NEWT runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NEWT vs SPY: side by side
| NEWT (NewtekOne, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.9% | +20.6% |
| 5-year return | -35.1% | +82.4% |
| Volatility (ann.) | 38.9% | 14.5% |
| Beta vs S&P 500 | 1.15 | 1.00 |
| Max drawdown (3Y) | -43.8% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 6.16% | 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 | NEWT | SPY |
|---|---|---|
| 2022 | -33.2% | -18.2% |
| 2023 | -10.7% | +26.2% |
| 2024 | -1.6% | +24.9% |
| 2025 | -4.9% | +17.7% |
| 2026 | +11.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEWT and SPY good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NEWT and SPY?
As of 2026-08-27, the correlation of weekly returns between NEWT and SPY is 0.43 over 3 years, 0.37 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for NEWT?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 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: NEWT correlations · SPY correlations
