NPCE vs SPY: Correlation
How closely do Neuropace, Inc. (NPCE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.17, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NPCE and SPY?
Across a 3-year window, the weekly returns of NPCE and SPY correlate at 0.17, weak. Recent behaviour matches the longer record: 0.27 over 1 year against 0.17 over 3. Stretching to 5 years gives 0.19, with an annualized covariance of 176.6 %².
Among the 11 assets we track against NPCE, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months NPCE outperformed by 38.5 percentage points (+59.1% for NPCE against +20.6% for SPY). Risk is not evenly split, since NPCE carries 4.8 times the volatility of the other side.
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.
NPCE vs SPY: side by side
| NPCE (Neuropace, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +59.1% | +20.6% |
| 5-year return | -32.7% | +82.4% |
| Volatility (ann.) | 69.9% | 14.5% |
| Beta vs S&P 500 | 0.85 | 1.00 |
| Max drawdown (3Y) | -66.3% | -18.8% |
| Market cap | $0.5B | – |
| 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 | NPCE | SPY |
|---|---|---|
| 2022 | -85.2% | -18.2% |
| 2023 | +591.9% | +26.2% |
| 2024 | +8.5% | +24.9% |
| 2025 | +38.0% | +17.7% |
| 2026 | -8.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NPCE and SPY good diversifiers for each other?
Yes. With a correlation of 0.17, NPCE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NPCE and SPY?
The NPCE/SPY correlation stands at 0.17 on a 3-year window (1 year: 0.27, 5 years: 0.19), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NPCE?
Yes. With a correlation of 0.17, NPCE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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: NPCE correlations · SPY correlations
