NJR vs SPY: Correlation
Measured on weekly returns over the past three years, NewJersey Resources Corporation (NJR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.05, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NJR and SPY?
On 3 years of weekly data the NJR/SPY correlation comes out at 0.05, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.30) than the 3-year average (0.05). The 5-year figure is 0.26, and annualized covariance runs at 11.9 %².
Among the 22 assets we track against NJR, SPY ranks #12 by 3-year correlation. Neither side won the trailing year by much: +17.8% against +20.6%.
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.
NJR vs SPY: side by side
| NJR (NewJersey Resources Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +17.8% | +20.6% |
| 5-year return | +74.0% | +82.4% |
| Volatility (ann.) | 18.2% | 14.5% |
| Beta vs S&P 500 | 0.06 | 1.00 |
| Max drawdown (3Y) | -12.9% | -18.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 15.1 | – |
| Dividend yield | 3.49% | 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 | NJR | SPY |
|---|---|---|
| 2022 | +24.9% | -18.2% |
| 2023 | -6.9% | +26.2% |
| 2024 | +8.7% | +24.9% |
| 2025 | +2.9% | +17.7% |
| 2026 | +18.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NJR and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between NJR and SPY?
Using weekly returns as of 2026-08-27: 0.05 over 3 years, with -0.30 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for NJR?
By historical standards, yes. A correlation of 0.05 means the two rarely move for the same reasons.
What does a correlation of 0.05 mean?
On the −1 to +1 scale, 0.05 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: NJR correlations · SPY correlations
