NRGV vs SPY: Correlation
Energy Vault Holdings, Inc. (NRGV) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRGV and SPY?
On 3 years of weekly data the NRGV/SPY correlation comes out at 0.31, moderate. The past 12 months show a weaker link (0.16) than the 3-year average (0.31). The 5-year figure is 0.24, and annualized covariance runs at 466.0 %².
SPY is close to the least connected end of NRGV's tracked universe, ranking #6 of 10. Correlation aside, the last 12 months split them widely, with NRGV ahead by 108.1 points (+128.7% versus +20.6%). Note the risk asymmetry: NRGV runs 7.2 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.
NRGV vs SPY: side by side
| NRGV (Energy Vault Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +128.7% | +20.6% |
| 5-year return | -61.1% | +82.4% |
| Volatility (ann.) | 104.9% | 14.5% |
| Beta vs S&P 500 | 2.23 | 1.00 |
| Max drawdown (3Y) | -80.7% | -18.8% |
| Market cap | $0.7B | – |
| 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 | NRGV | SPY |
|---|---|---|
| 2022 | -68.5% | -18.2% |
| 2023 | -25.3% | +26.2% |
| 2024 | -2.1% | +24.9% |
| 2025 | +102.2% | +17.7% |
| 2026 | -18.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRGV and SPY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NRGV and SPY?
The NRGV/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.16, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NRGV?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 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: NRGV correlations · SPY correlations
