NEXN vs SPY: Correlation
Nexxen International Ltd. (NEXN) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEXN and SPY?
Over the past 3 years, NEXN and SPY moved with a correlation of 0.27, which is weak. Recent behaviour matches the longer record: 0.20 over 1 year against 0.27 over 3. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 181.0 %².
Among the 10 assets we track against NEXN, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 18.0 percentage points (+2.6% for NEXN against +20.6% for SPY). Risk is not evenly split, since NEXN carries 3.2 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.
NEXN vs SPY: side by side
| NEXN (Nexxen International Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.6% | +20.6% |
| 5-year return | -49.7% | +82.4% |
| Volatility (ann.) | 45.7% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -53.7% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 46.0 | – |
| 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 | NEXN | SPY |
|---|---|---|
| 2022 | -57.4% | -18.2% |
| 2023 | -21.6% | +26.2% |
| 2024 | +98.0% | +24.9% |
| 2025 | -34.7% | +17.7% |
| 2026 | +54.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEXN and SPY good diversifiers for each other?
Reasonably. At 0.27, NEXN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NEXN and SPY?
As of 2026-08-27, the correlation of weekly returns between NEXN and SPY is 0.27 over 3 years, 0.20 over 1 year and 0.42 over 5 years.
Is SPY a good diversifier for NEXN?
Reasonably. At 0.27, NEXN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NEXN correlations · SPY correlations
