NRP vs SPY: Correlation
Natural Resource Partners LP Limited Partnership (NRP) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRP and SPY?
Over the past 3 years, NRP and SPY moved with a correlation of 0.21, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.10 versus 0.21 over 3 years. Over 5 years the correlation is 0.18, and the annualized covariance of weekly returns is 86.4 %².
Out of 10 assets tracked against NRP, SPY lands near the bottom at #6. On 12-month performance SPY holds a 11.0-point edge, +9.6% against +20.6%. Risk is not evenly split, since NRP carries 2.0 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.
NRP vs SPY: side by side
| NRP (Natural Resource Partners LP Limited Partnership) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.6% | +20.6% |
| 5-year return | +624.7% | +82.4% |
| Volatility (ann.) | 28.3% | 14.5% |
| Beta vs S&P 500 | 0.41 | 1.00 |
| Max drawdown (3Y) | -22.9% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 14.0 | – |
| 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 | NRP | SPY |
|---|---|---|
| 2022 | +72.9% | -18.2% |
| 2023 | +87.0% | +26.2% |
| 2024 | +27.4% | +24.9% |
| 2025 | -1.9% | +17.7% |
| 2026 | +7.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRP and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NRP and SPY?
The NRP/SPY correlation stands at 0.21 on a 3-year window (1 year: -0.10, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NRP?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: NRP correlations · SPY correlations
