NOG vs SPY: Correlation
Measured on weekly returns over the past three years, Northern Oil and Gas, Inc. (NOG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOG and SPY?
Across a 3-year window, the weekly returns of NOG and SPY correlate at 0.19, weak. The past 12 months show a weaker link (-0.23) than the 3-year average (0.19). Stretching to 5 years gives 0.29, with an annualized covariance of 114.8 %².
Among the 26 assets we track against NOG, SPY sits near the bottom by co-movement, at rank #22. The trailing year gives SPY the advantage: +9.2% versus +20.6%, a 11.4-point spread. One caveat on sizing: NOG is 2.9 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.
NOG vs SPY: side by side
| NOG (Northern Oil and Gas, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.2% | +20.6% |
| 5-year return | +105.5% | +82.4% |
| Volatility (ann.) | 42.6% | 14.5% |
| Beta vs S&P 500 | 0.55 | 1.00 |
| Max drawdown (3Y) | -55.1% | -18.8% |
| Market cap | $2.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.92% | 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 | NOG | SPY |
|---|---|---|
| 2022 | +54.5% | -18.2% |
| 2023 | +25.5% | +26.2% |
| 2024 | +4.8% | +24.9% |
| 2025 | -38.2% | +17.7% |
| 2026 | +26.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOG and SPY good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NOG and SPY?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with -0.23 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for NOG?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 mean?
A reading of 0.19 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: NOG correlations · SPY correlations
