NI vs SPY: Correlation
NiSource (NI) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NI and SPY?
Over the past 3 years, NI and SPY moved with a correlation of 0.21, which is weak. The past 12 months show a weaker link (-0.04) than the 3-year average (0.21). Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 54.3 %².
By 3-year correlation, SPY places #26 of the 38 assets tracked against NI. Correlation aside, the last 12 months split them widely, with SPY ahead by 21.5 points (-0.9% versus +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.08 to 0.48.
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.
NI vs SPY: side by side
| NI (NiSource) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.9% | +20.6% |
| 5-year return | +94.6% | +82.4% |
| Volatility (ann.) | 17.8% | 14.5% |
| Beta vs S&P 500 | 0.26 | 1.00 |
| Max drawdown (3Y) | -16.7% | -18.8% |
| Market cap | $19.6B | – |
| P/E (trailing) | 21.9 | – |
| Dividend yield | 1.41% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | NI | SPY |
|---|---|---|
| 2022 | +2.7% | -18.2% |
| 2023 | +0.5% | +26.2% |
| 2024 | +43.5% | +24.9% |
| 2025 | +16.8% | +17.7% |
| 2026 | +0.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NI and SPY?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with -0.04 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for NI?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: NI correlations · SPY correlations
