NRG vs SPY: Correlation
How closely do NRG Energy (NRG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRG and SPY?
On 3 years of weekly data the NRG/SPY correlation comes out at 0.42, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.10 versus 0.42 over 3 years. The 5-year figure is 0.42, and annualized covariance runs at 271.2 %².
By 3-year correlation, SPY places #18 of the 31 assets tracked against NRG. Correlation aside, the last 12 months split them widely, with SPY ahead by 42.4 points (-21.8% versus +20.6%). This link changes with the market regime, having swung between 0.06 and 0.69 on a rolling one-year basis. Note the risk asymmetry: NRG runs 3.1 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.
NRG vs SPY: side by side
| NRG (NRG Energy) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -21.8% | +20.6% |
| 5-year return | +191.5% | +82.4% |
| Volatility (ann.) | 44.4% | 14.5% |
| Beta vs S&P 500 | 1.30 | 1.00 |
| Max drawdown (3Y) | -38.9% | -18.8% |
| Market cap | $24.1B | – |
| P/E (trailing) | 30.2 | – |
| Dividend yield | 1.61% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | NRG | SPY |
|---|---|---|
| 2022 | -23.5% | -18.2% |
| 2023 | +69.4% | +26.2% |
| 2024 | +78.6% | +24.9% |
| 2025 | +78.9% | +17.7% |
| 2026 | -27.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRG and SPY good diversifiers for each other?
Reasonably. At 0.42, NRG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NRG and SPY?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.10 over the last year and 0.42 over 5 years.
Is SPY a good diversifier for NRG?
Reasonably. At 0.42, NRG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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: NRG correlations · SPY correlations
