NNBR vs SPY: Correlation
How closely do NN, Inc. (NNBR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNBR and SPY?
Across a 3-year window, the weekly returns of NNBR and SPY correlate at 0.47, moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.47 over 3. Stretching to 5 years gives 0.37, with an annualized covariance of 520.3 %².
Within NNBR's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NNBR ahead by 19.4 points (+40.0% versus +20.6%). Note the risk asymmetry: NNBR runs 5.2 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.
NNBR vs SPY: side by side
| NNBR (NN, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +40.0% | +20.6% |
| 5-year return | -34.0% | +82.4% |
| Volatility (ann.) | 76.0% | 14.5% |
| Beta vs S&P 500 | 2.49 | 1.00 |
| Max drawdown (3Y) | -77.8% | -18.8% |
| Market cap | $0.3B | – |
| 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 | NNBR | SPY |
|---|---|---|
| 2022 | -63.4% | -18.2% |
| 2023 | +166.7% | +26.2% |
| 2024 | -18.3% | +24.9% |
| 2025 | -60.9% | +17.7% |
| 2026 | +178.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNBR and SPY good diversifiers for each other?
Reasonably. At 0.47, NNBR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NNBR and SPY?
The NNBR/SPY correlation stands at 0.47 on a 3-year window (1 year: 0.39, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NNBR?
Reasonably. At 0.47, NNBR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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: NNBR correlations · SPY correlations
