NMAD vs SPY: Correlation
How closely do Nomad Power Solutions, Inc. (NMAD) 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 NMAD and SPY?
On 3 years of weekly data the NMAD/SPY correlation comes out at 0.06, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.13) sits close to the 3-year figure. The 5-year figure is 0.09, and annualized covariance runs at 170.4 %².
Among the 14 assets we track against NMAD, SPY ranks #7 by 3-year correlation. On 12-month performance NMAD holds a 8.6-point edge, +29.2% against +20.6%. Risk is not evenly split, since NMAD carries 13.6 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.
NMAD vs SPY: side by side
| NMAD (Nomad Power Solutions, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +29.2% | +20.6% |
| 5-year return | -80.2% | +82.4% |
| Volatility (ann.) | 197.9% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -80.8% | -18.8% |
| Market cap | $0.1B | – |
| 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 | NMAD | SPY |
|---|---|---|
| 2022 | -57.1% | -18.2% |
| 2023 | -53.9% | +26.2% |
| 2024 | -13.6% | +24.9% |
| 2025 | +93.6% | +17.7% |
| 2026 | +12.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMAD and SPY good diversifiers for each other?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NMAD and SPY?
Using weekly returns as of 2026-08-27: 0.06 over 3 years, with 0.13 over the last year and 0.09 over 5 years.
Is SPY a good diversifier for NMAD?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
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: NMAD correlations · SPY correlations
