NEXM vs SPY: Correlation
Measured on weekly returns over the past three years, NexMetals Mining Corp. (NEXM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.21, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEXM and SPY?
Over the past 3 years, NEXM and SPY moved with a correlation of 0.21, which is weak. The relationship has been stable: the 1-year correlation (0.31) sits close to the 3-year figure. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 224.5 %².
Out of 11 assets tracked against NEXM, SPY lands near the bottom at #8. The last year tells two different stories: SPY led by 74.4 percentage points, -53.8% for NEXM against +20.6% for SPY. One caveat on sizing: NEXM is 5.1 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.
NEXM vs SPY: side by side
| NEXM (NexMetals Mining Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -53.8% | +20.6% |
| 5-year return | -87.5% | +82.4% |
| Volatility (ann.) | 73.4% | 14.5% |
| Beta vs S&P 500 | 1.07 | 1.00 |
| Max drawdown (3Y) | -92.1% | -18.8% |
| Market cap | $0.1B | – |
| 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 | NEXM | SPY |
|---|---|---|
| 2022 | -29.6% | -18.2% |
| 2023 | -22.1% | +26.2% |
| 2024 | -67.8% | +24.9% |
| 2025 | -34.8% | +17.7% |
| 2026 | -36.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEXM and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NEXM and SPY?
The NEXM/SPY correlation stands at 0.21 on a 3-year window (1 year: 0.31, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NEXM?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 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: NEXM correlations · SPY correlations
