NFE vs SPY: Correlation
Measured on weekly returns over the past three years, New Fortress Energy Inc. (NFE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NFE and SPY?
On 3 years of weekly data the NFE/SPY correlation comes out at 0.22, weak. The relationship has been stable: the 1-year correlation (0.22) sits close to the 3-year figure. The 5-year figure is 0.26, and annualized covariance runs at 348.7 %².
Among the 11 assets we track against NFE, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 108.9 percentage points, -88.3% for NFE against +20.6% for SPY. Risk is not evenly split, since NFE carries 7.5 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.
NFE vs SPY: side by side
| NFE (New Fortress Energy Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -88.3% | +20.6% |
| 5-year return | -98.8% | +82.4% |
| Volatility (ann.) | 109.0% | 14.5% |
| Beta vs S&P 500 | 1.67 | 1.00 |
| Max drawdown (3Y) | -99.3% | -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 | NFE | SPY |
|---|---|---|
| 2022 | +77.4% | -18.2% |
| 2023 | -3.1% | +26.2% |
| 2024 | -59.2% | +24.9% |
| 2025 | -92.5% | +17.7% |
| 2026 | -73.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NFE and SPY good diversifiers for each other?
Reasonably. At 0.22, NFE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NFE and SPY?
As of 2026-08-27, the correlation of weekly returns between NFE and SPY is 0.22 over 3 years, 0.22 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for NFE?
Reasonably. At 0.22, NFE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 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: NFE correlations · SPY correlations
