NSC vs SPYV: Correlation
How closely do Norfolk Southern (NSC) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NSC and SPYV?
On 3 years of weekly data the NSC/SPYV correlation comes out at 0.63, strong. The past 12 months show a weaker link (0.35) than the 3-year average (0.63). The 5-year figure is 0.63, and annualized covariance runs at 167.4 %².
Within NSC's tracked universe of 32 assets, SPYV comes in at #5 by 3-year correlation. The trailing year gives NSC the advantage: +30.0% versus +18.5%, a 11.5-point spread. Across three years, the rolling one-year figure varied moderately, from 0.39 to 0.81. Risk is not evenly split, since NSC carries 1.8 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.
NSC vs SPYV: side by side
| NSC (Norfolk Southern) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +30.0% | +18.5% |
| 5-year return | +49.6% | +73.5% |
| Volatility (ann.) | 22.0% | 12.1% |
| Beta vs S&P 500 | 0.69 | 0.70 |
| Max drawdown (3Y) | -25.1% | -17.5% |
| Market cap | $78.1B | – |
| P/E (trailing) | 30.1 | – |
| Dividend yield | 1.53% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Industrials | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | NSC | SPYV |
|---|---|---|
| 2022 | -15.6% | -5.3% |
| 2023 | -1.6% | +22.2% |
| 2024 | +1.6% | +12.2% |
| 2025 | +25.6% | +13.2% |
| 2026 | +22.0% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.26% of SPYV is NSC itself, so the fund partly moves with the stock by construction.
Are NSC and SPYV good diversifiers for each other?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NSC and SPYV?
As of 2026-08-27, the correlation of weekly returns between NSC and SPYV is 0.63 over 3 years, 0.35 over 1 year and 0.63 over 5 years.
Is SPYV a good diversifier for NSC?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.63 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nsc-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nsc-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NSC correlations · SPYV correlations
