NG vs SPY: Correlation
Novagold Resources Inc. (NG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NG and SPY?
Across a 3-year window, the weekly returns of NG and SPY correlate at 0.31, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.48 versus 0.31 over 3 years. Stretching to 5 years gives 0.31, with an annualized covariance of 323.6 %².
By 3-year correlation, SPY places #9 of the 14 assets tracked against NG. Their recent paths diverged sharply: over the last 12 months NG outperformed by 17.8 percentage points (+38.4% for NG against +20.6% for SPY). Risk is not evenly split, since NG carries 5.0 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.
NG vs SPY: side by side
| NG (Novagold Resources Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +38.4% | +20.6% |
| 5-year return | +28.8% | +82.4% |
| Volatility (ann.) | 72.0% | 14.5% |
| Beta vs S&P 500 | 1.55 | 1.00 |
| Max drawdown (3Y) | -63.5% | -18.8% |
| Market cap | $4.0B | – |
| 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 | NG | SPY |
|---|---|---|
| 2022 | -12.8% | -18.2% |
| 2023 | -37.5% | +26.2% |
| 2024 | -11.0% | +24.9% |
| 2025 | +179.9% | +17.7% |
| 2026 | -2.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NG and SPY good diversifiers for each other?
Reasonably. At 0.31, NG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NG and SPY?
As of 2026-08-27, the correlation of weekly returns between NG and SPY is 0.31 over 3 years, 0.48 over 1 year and 0.31 over 5 years.
Is SPY a good diversifier for NG?
Reasonably. At 0.31, NG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 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: NG correlations · SPY correlations
