NGVC vs SPY: Correlation
How closely do Natural Grocers by Vitamin Cottage, Inc. (NGVC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.17, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NGVC and SPY?
On 3 years of weekly data the NGVC/SPY correlation comes out at 0.17, weak. The past 12 months show a weaker link (0.02) than the 3-year average (0.17). The 5-year figure is 0.22, and annualized covariance runs at 128.1 %².
Out of 10 assets tracked against NGVC, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 50.4 points (-29.8% versus +20.6%). One caveat on sizing: NGVC is 3.5 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.
NGVC vs SPY: side by side
| NGVC (Natural Grocers by Vitamin Cottage, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -29.8% | +20.6% |
| 5-year return | +184.3% | +82.4% |
| Volatility (ann.) | 51.4% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -59.9% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 2.05% | 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 | NGVC | SPY |
|---|---|---|
| 2022 | -34.0% | -18.2% |
| 2023 | +91.8% | +26.2% |
| 2024 | +152.5% | +24.9% |
| 2025 | -36.1% | +17.7% |
| 2026 | +10.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NGVC and SPY good diversifiers for each other?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NGVC and SPY?
As of 2026-08-27, the correlation of weekly returns between NGVC and SPY is 0.17 over 3 years, 0.02 over 1 year and 0.22 over 5 years.
Is SPY a good diversifier for NGVC?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.17 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: NGVC correlations · SPY correlations
