NOMD vs SPY: Correlation
How closely do Nomad Foods Limited (NOMD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.08, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOMD and SPY?
Across a 3-year window, the weekly returns of NOMD and SPY correlate at 0.08, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.02) sits close to the 3-year figure. Stretching to 5 years gives 0.19, with an annualized covariance of 33.2 %².
Within NOMD's tracked universe of 14 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 38.8 points (-18.2% versus +20.6%). One caveat on sizing: NOMD is 1.9 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.
NOMD vs SPY: side by side
| NOMD (Nomad Foods Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -18.2% | +20.6% |
| 5-year return | -48.6% | +82.4% |
| Volatility (ann.) | 27.7% | 14.5% |
| Beta vs S&P 500 | 0.16 | 1.00 |
| Max drawdown (3Y) | -52.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 12.0 | – |
| Dividend yield | 4.83% | 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 | NOMD | SPY |
|---|---|---|
| 2022 | -32.1% | -18.2% |
| 2023 | -1.7% | +26.2% |
| 2024 | +2.4% | +24.9% |
| 2025 | -22.1% | +17.7% |
| 2026 | +0.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOMD and SPY good diversifiers for each other?
Yes. With a correlation of 0.08, NOMD and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NOMD and SPY?
As of 2026-08-27, the correlation of weekly returns between NOMD and SPY is 0.08 over 3 years, 0.02 over 1 year and 0.19 over 5 years.
Is SPY a good diversifier for NOMD?
Yes. With a correlation of 0.08, NOMD and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.08 mean?
A reading of 0.08 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: NOMD correlations · SPY correlations
