NIKI vs SPY: Correlation
How closely do Niki BioSolutions, Inc. (NIKI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NIKI and SPY?
On 3 years of weekly data the NIKI/SPY correlation comes out at 0.06, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.11 over 1 year against 0.06 over 3. The 5-year figure is 0.08, and annualized covariance runs at 194.7 %².
Within NIKI's tracked universe of 20 assets, SPY comes in at #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 87.1 percentage points (-66.5% for NIKI against +20.6% for SPY). One caveat on sizing: NIKI is 15.7 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.
NIKI vs SPY: side by side
| NIKI (Niki BioSolutions, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -66.5% | +20.6% |
| 5-year return | -97.1% | +82.4% |
| Volatility (ann.) | 227.3% | 14.5% |
| Beta vs S&P 500 | 0.93 | 1.00 |
| Max drawdown (3Y) | -94.8% | -18.8% |
| Market cap | – | – |
| 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 | NIKI | SPY |
|---|---|---|
| 2022 | -63.3% | -18.2% |
| 2023 | -55.5% | +26.2% |
| 2024 | +14.3% | +24.9% |
| 2025 | -62.1% | +17.7% |
| 2026 | -28.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NIKI and SPY good diversifiers for each other?
Yes. With a correlation of 0.06, NIKI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NIKI and SPY?
As of 2026-08-27, the correlation of weekly returns between NIKI and SPY is 0.06 over 3 years, 0.11 over 1 year and 0.08 over 5 years.
Is SPY a good diversifier for NIKI?
Yes. With a correlation of 0.06, NIKI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.06 mean?
A reading of 0.06 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: NIKI correlations · SPY correlations
