NGVT vs SPY: Correlation
How closely do Ingevity Corporation (NGVT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NGVT and SPY?
On 3 years of weekly data the NGVT/SPY correlation comes out at 0.41, moderate. The link has loosened recently: the 1-year correlation (0.14) runs below the 3-year figure (0.41). The 5-year figure is 0.43, and annualized covariance runs at 289.8 %².
Out of 23 assets tracked against NGVT, SPY lands near the bottom at #19. Their 12-month results are close: +21.5% for NGVT against +20.6% for SPY. Risk is not evenly split, since NGVT carries 3.4 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.
NGVT vs SPY: side by side
| NGVT (Ingevity Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.5% | +20.6% |
| 5-year return | -14.1% | +82.4% |
| Volatility (ann.) | 48.8% | 14.5% |
| Beta vs S&P 500 | 1.39 | 1.00 |
| Max drawdown (3Y) | -45.8% | -18.8% |
| Market cap | $2.4B | – |
| P/E (trailing) | 98.2 | – |
| 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 | NGVT | SPY |
|---|---|---|
| 2022 | -1.8% | -18.2% |
| 2023 | -33.0% | +26.2% |
| 2024 | -13.7% | +24.9% |
| 2025 | +45.2% | +17.7% |
| 2026 | +17.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NGVT and SPY good diversifiers for each other?
Reasonably. At 0.41, NGVT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NGVT and SPY?
As of 2026-08-27, the correlation of weekly returns between NGVT and SPY is 0.41 over 3 years, 0.14 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for NGVT?
Reasonably. At 0.41, NGVT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 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: NGVT correlations · SPY correlations
