NRT vs SPY: Correlation
North European Oil Royality Trust (NRT) and SPDR S&P 500 ETF Trust (SPY) show a negative relationship: their 3-year correlation of weekly returns is -0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRT and SPY?
On 3 years of weekly data the NRT/SPY correlation comes out at -0.12, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.19 over 1 year against -0.12 over 3. The 5-year figure is 0.07, and annualized covariance runs at -88.0 %².
Among the 62 assets we track against NRT, SPY ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NRT ahead by 64.6 points (+85.2% versus +20.6%). One caveat on sizing: NRT is 3.6 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.
NRT vs SPY: side by side
| NRT (North European Oil Royality Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +85.2% | +20.6% |
| 5-year return | +131.5% | +82.4% |
| Volatility (ann.) | 51.6% | 14.5% |
| Beta vs S&P 500 | -0.42 | 1.00 |
| Max drawdown (3Y) | -66.1% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 8.4 | – |
| Dividend yield | 11.95% | 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 | NRT | SPY |
|---|---|---|
| 2022 | +41.9% | -18.2% |
| 2023 | -46.5% | +26.2% |
| 2024 | -25.3% | +24.9% |
| 2025 | +88.4% | +17.7% |
| 2026 | +41.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRT and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between NRT and SPY?
Using weekly returns as of 2026-08-27: -0.12 over 3 years, with -0.19 over the last year and 0.07 over 5 years.
Is SPY a good diversifier for NRT?
By historical standards, yes. A correlation of -0.12 means the two rarely move for the same reasons.
What does a correlation of -0.12 mean?
A reading of -0.12 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NRT correlations · SPY correlations
