NMG vs SPY: Correlation
Measured on weekly returns over the past three years, Nouveau Monde Graphite Inc. (NMG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMG and SPY?
Over the past 3 years, NMG and SPY moved with a correlation of 0.24, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.34 versus 0.24 over 3 years. Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 250.5 %².
Out of 11 assets tracked against NMG, SPY lands near the bottom at #8. The last year tells two different stories: SPY led by 42.4 percentage points, -21.8% for NMG against +20.6% for SPY. One caveat on sizing: NMG is 5.0 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.
NMG vs SPY: side by side
| NMG (Nouveau Monde Graphite Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -21.8% | +20.6% |
| 5-year return | -77.4% | +82.4% |
| Volatility (ann.) | 72.8% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -75.1% | -18.8% |
| Market cap | $0.5B | – |
| 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 | NMG | SPY |
|---|---|---|
| 2022 | -45.4% | -18.2% |
| 2023 | -31.7% | +26.2% |
| 2024 | -39.1% | +24.9% |
| 2025 | +56.0% | +17.7% |
| 2026 | -39.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMG and SPY good diversifiers for each other?
Reasonably. At 0.24, NMG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NMG and SPY?
The NMG/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.34, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NMG?
Reasonably. At 0.24, NMG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 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: NMG correlations · SPY correlations
