NFG vs SPY: Correlation
Measured on weekly returns over the past three years, National Fuel Gas Company (NFG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NFG and SPY?
On 3 years of weekly data the NFG/SPY correlation comes out at 0.07, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.35 versus 0.07 over 3 years. The 5-year figure is 0.29, and annualized covariance runs at 21.2 %².
SPY is close to the least connected end of NFG's tracked universe, ranking #9 of 13. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 23.2 percentage points (-2.6% for NFG against +20.6% for SPY).
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.
NFG vs SPY: side by side
| NFG (National Fuel Gas Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.6% | +20.6% |
| 5-year return | +87.6% | +82.4% |
| Volatility (ann.) | 20.0% | 14.5% |
| Beta vs S&P 500 | 0.10 | 1.00 |
| Max drawdown (3Y) | -20.9% | -18.8% |
| Market cap | $7.9B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 2.59% | 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 | NFG | SPY |
|---|---|---|
| 2022 | +1.9% | -18.2% |
| 2023 | -17.7% | +26.2% |
| 2024 | +25.4% | +24.9% |
| 2025 | +35.3% | +17.7% |
| 2026 | +4.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NFG and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
FAQ
What is the correlation between NFG and SPY?
As of 2026-08-27, the correlation of weekly returns between NFG and SPY is 0.07 over 3 years, -0.35 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for NFG?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
What does a correlation of 0.07 mean?
A reading of 0.07 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: NFG correlations · SPY correlations
