NPWR vs SPY: Correlation
How closely do NET Power Inc. (NPWR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NPWR and SPY?
Across a 3-year window, the weekly returns of NPWR and SPY correlate at 0.26, weak. Little has changed lately, as the 1-year reading of 0.35 lands near the 3-year figure. Stretching to 5 years gives 0.15, with an annualized covariance of 305.8 %².
Within NPWR's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 48.7 points (-28.1% versus +20.6%). One caveat on sizing: NPWR is 5.6 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.
NPWR vs SPY: side by side
| NPWR (NET Power Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -28.1% | +20.6% |
| 5-year return | -80.6% | +82.4% |
| Volatility (ann.) | 80.8% | 14.5% |
| Beta vs S&P 500 | 1.46 | 1.00 |
| Max drawdown (3Y) | -91.8% | -18.8% |
| Market cap | $0.2B | – |
| 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 | NPWR | SPY |
|---|---|---|
| 2022 | +1.7% | -18.2% |
| 2023 | -0.7% | +26.2% |
| 2024 | +4.9% | +24.9% |
| 2025 | -78.5% | +17.7% |
| 2026 | -17.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NPWR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NPWR and SPY?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.35 over the last year and 0.15 over 5 years.
Is SPY a good diversifier for NPWR?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: NPWR correlations · SPY correlations
