NOV vs SPY: Correlation
NOV Inc. (NOV) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOV and SPY?
On 3 years of weekly data the NOV/SPY correlation comes out at 0.25, weak. Lately the two have drifted apart, with the 1-year correlation at 0.01 versus 0.25 over 3 years. The 5-year figure is 0.30, and annualized covariance runs at 127.2 %².
SPY is close to the least connected end of NOV's tracked universe, ranking #23 of 27. Correlation aside, the last 12 months split them widely, with NOV ahead by 41.6 points (+62.2% versus +20.6%). One caveat on sizing: NOV is 2.5 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.
NOV vs SPY: side by side
| NOV (NOV Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +62.2% | +20.6% |
| 5-year return | +71.8% | +82.4% |
| Volatility (ann.) | 35.6% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -47.2% | -18.8% |
| Market cap | $7.4B | – |
| P/E (trailing) | 74.1 | – |
| Dividend yield | 1.63% | 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 | NOV | SPY |
|---|---|---|
| 2022 | +55.7% | -18.2% |
| 2023 | -1.8% | +26.2% |
| 2024 | -26.8% | +24.9% |
| 2025 | +11.3% | +17.7% |
| 2026 | +34.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOV and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NOV and SPY?
The NOV/SPY correlation stands at 0.25 on a 3-year window (1 year: 0.01, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NOV?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 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: NOV correlations · SPY correlations
