NEXA vs SPY: Correlation
Nexa Resources S.A. (NEXA) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEXA and SPY?
Over the past 3 years, NEXA and SPY moved with a correlation of 0.30, which is moderate. The link has tightened recently: the 1-year correlation (0.48) runs above the 3-year figure (0.30). Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 227.9 %².
Among the 10 assets we track against NEXA, SPY sits near the bottom by co-movement, at rank #6. The last year tells two different stories: NEXA led by 174.4 percentage points, +195.0% for NEXA against +20.6% for SPY. Note the risk asymmetry: NEXA runs 3.6 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.
NEXA vs SPY: side by side
| NEXA (Nexa Resources S.A.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +195.0% | +20.6% |
| 5-year return | +88.5% | +82.4% |
| Volatility (ann.) | 52.5% | 14.5% |
| Beta vs S&P 500 | 1.09 | 1.00 |
| Max drawdown (3Y) | -47.0% | -18.8% |
| Market cap | $1.8B | – |
| P/E (trailing) | 6.7 | – |
| 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 | NEXA | SPY |
|---|---|---|
| 2022 | -20.1% | -18.2% |
| 2023 | +22.1% | +26.2% |
| 2024 | +23.2% | +24.9% |
| 2025 | +2.7% | +17.7% |
| 2026 | +58.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEXA and SPY good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NEXA and SPY?
As of 2026-08-27, the correlation of weekly returns between NEXA and SPY is 0.30 over 3 years, 0.48 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for NEXA?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 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: NEXA correlations · SPY correlations
