NPO vs SPY: Correlation
Enpro Inc. (NPO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NPO and SPY?
Across a 3-year window, the weekly returns of NPO and SPY correlate at 0.53, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.35 versus 0.53 over 3 years. Stretching to 5 years gives 0.53, with an annualized covariance of 266.0 %².
Within NPO's tracked universe of 25 assets, SPY comes in at #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NPO outperformed by 16.5 percentage points (+37.1% for NPO against +20.6% for SPY). Risk is not evenly split, since NPO carries 2.4 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.
NPO vs SPY: side by side
| NPO (Enpro Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +37.1% | +20.6% |
| 5-year return | +270.5% | +82.4% |
| Volatility (ann.) | 34.4% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -33.7% | -18.8% |
| Market cap | $6.5B | – |
| P/E (trailing) | 149.1 | – |
| Dividend yield | 0.41% | 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 | NPO | SPY |
|---|---|---|
| 2022 | -0.2% | -18.2% |
| 2023 | +45.6% | +26.2% |
| 2024 | +10.9% | +24.9% |
| 2025 | +25.0% | +17.7% |
| 2026 | +44.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NPO and SPY good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NPO and SPY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.35 over the last year and 0.53 over 5 years.
Is SPY a good diversifier for NPO?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
A reading of 0.53 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: NPO correlations · SPY correlations
