NRC vs SPY: Correlation
NRC Health (NRC) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRC and SPY?
Over the past 3 years, NRC and SPY moved with a correlation of 0.15, which is weak. The link has loosened recently: the 1-year correlation (-0.02) runs below the 3-year figure (0.15). Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 106.8 %².
SPY is close to the least connected end of NRC's tracked universe, ranking #6 of 10. The last year tells two different stories: NRC led by 26.5 percentage points, +47.1% for NRC against +20.6% for SPY. Note the risk asymmetry: NRC runs 3.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NRC vs SPY: side by side
| NRC (NRC Health) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +47.1% | +20.6% |
| 5-year return | -53.4% | +82.4% |
| Volatility (ann.) | 48.5% | 14.5% |
| Beta vs S&P 500 | 0.51 | 1.00 |
| Max drawdown (3Y) | -77.6% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 91.7 | – |
| Dividend yield | 2.73% | 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 | NRC | SPY |
|---|---|---|
| 2022 | -8.2% | -18.2% |
| 2023 | +9.6% | +26.2% |
| 2024 | -54.5% | +24.9% |
| 2025 | +10.0% | +17.7% |
| 2026 | +19.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRC and SPY good diversifiers for each other?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NRC and SPY?
The NRC/SPY correlation stands at 0.15 on a 3-year window (1 year: -0.02, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NRC?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.15 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: NRC correlations · SPY correlations
