NKE vs SPYV: Correlation
Nike, Inc. (NKE) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NKE and SPYV?
Across a 3-year window, the weekly returns of NKE and SPYV correlate at 0.42, moderate. Recent behaviour matches the longer record: 0.50 over 1 year against 0.42 over 3. Stretching to 5 years gives 0.50, with an annualized covariance of 187.8 %².
Among the 33 assets we track against NKE, SPYV ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPYV ahead by 67.9 points (-49.4% versus +18.5%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.16 and 0.67 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: NKE runs 3.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NKE vs SPYV: side by side
| NKE (Nike, Inc.) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | -49.4% | +18.5% |
| 5-year return | -75.2% | +73.5% |
| Volatility (ann.) | 36.6% | 12.1% |
| Beta vs S&P 500 | 0.93 | 0.70 |
| Max drawdown (3Y) | -66.9% | -17.5% |
| Market cap | $57.0B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 4.22% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Consumer Discretionary | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | NKE | SPYV |
|---|---|---|
| 2022 | -29.0% | -5.3% |
| 2023 | -6.0% | +22.2% |
| 2024 | -29.1% | +12.2% |
| 2025 | -13.8% | +13.2% |
| 2026 | -38.7% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.15% of SPYV is NKE itself, so the fund partly moves with the stock by construction.
Are NKE and SPYV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NKE and SPYV?
The NKE/SPYV correlation stands at 0.42 on a 3-year window (1 year: 0.50, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for NKE?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 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.
Use this data
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Related comparisons
Hubs: NKE correlations · SPYV correlations
