NODK vs SPY: Correlation
NI Holdings, Inc. (NODK) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NODK and SPY?
Across a 3-year window, the weekly returns of NODK and SPY correlate at 0.17, weak. The relationship has been stable: the 1-year correlation (0.08) sits close to the 3-year figure. Stretching to 5 years gives 0.26, with an annualized covariance of 56.1 %².
SPY is close to the least connected end of NODK's tracked universe, ranking #6 of 10. The trailing year gives SPY the advantage: +14.7% versus +20.6%, a 5.9-point spread. One caveat on sizing: NODK is 1.6 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.
NODK vs SPY: side by side
| NODK (NI Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.7% | +20.6% |
| 5-year return | -21.2% | +82.4% |
| Volatility (ann.) | 22.7% | 14.5% |
| Beta vs S&P 500 | 0.27 | 1.00 |
| Max drawdown (3Y) | -28.4% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 40.1 | – |
| 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 | NODK | SPY |
|---|---|---|
| 2022 | -29.8% | -18.2% |
| 2023 | -2.1% | +26.2% |
| 2024 | +20.9% | +24.9% |
| 2025 | -15.3% | +17.7% |
| 2026 | +14.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NODK and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between NODK and SPY?
As of 2026-08-27, the correlation of weekly returns between NODK and SPY is 0.17 over 3 years, 0.08 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for NODK?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
What does a correlation of 0.17 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: NODK correlations · SPY correlations
