NL vs SPY: Correlation
NLI Holdings, Inc. (NL) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NL and SPY?
On 3 years of weekly data the NL/SPY correlation comes out at 0.25, weak. Little has changed lately, as the 1-year reading of 0.15 lands near the 3-year figure. The 5-year figure is 0.32, and annualized covariance runs at 151.9 %².
SPY is close to the least connected end of NL's tracked universe, ranking #8 of 12. The last year tells two different stories: SPY led by 17.0 percentage points, +3.6% for NL against +20.6% for SPY. Risk is not evenly split, since NL carries 2.8 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.
NL vs SPY: side by side
| NL (NLI Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.6% | +20.6% |
| 5-year return | +41.5% | +82.4% |
| Volatility (ann.) | 41.2% | 14.5% |
| Beta vs S&P 500 | 0.73 | 1.00 |
| Max drawdown (3Y) | -38.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.77% | 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 | NL | SPY |
|---|---|---|
| 2022 | -1.3% | -18.2% |
| 2023 | -13.5% | +26.2% |
| 2024 | +54.9% | +24.9% |
| 2025 | -23.0% | +17.7% |
| 2026 | +23.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NL and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NL and SPY?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.15 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for NL?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 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: NL correlations · SPY correlations
