NTAP vs SPY: Correlation
Measured on weekly returns over the past three years, NetApp (NTAP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTAP and SPY?
On 3 years of weekly data the NTAP/SPY correlation comes out at 0.53, moderate. The past 12 months show a weaker link (0.38) than the 3-year average (0.53). The 5-year figure is 0.55, and annualized covariance runs at 287.6 %².
Among the 32 assets we track against NTAP, SPY ranks #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NTAP ahead by 52.4 points (+73.0% versus +20.6%). On a rolling one-year basis the correlation drifted between 0.33 and 0.73, a moderate band. Note the risk asymmetry: NTAP runs 2.6 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.
NTAP vs SPY: side by side
| NTAP (NetApp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +73.0% | +20.6% |
| 5-year return | +141.7% | +82.4% |
| Volatility (ann.) | 37.6% | 14.5% |
| Beta vs S&P 500 | 1.38 | 1.00 |
| Max drawdown (3Y) | -42.6% | -18.8% |
| Market cap | $37.4B | – |
| P/E (trailing) | 30.5 | – |
| Dividend yield | 1.07% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | NTAP | SPY |
|---|---|---|
| 2022 | -32.9% | -18.2% |
| 2023 | +51.1% | +26.2% |
| 2024 | +34.2% | +24.9% |
| 2025 | -5.9% | +17.7% |
| 2026 | +80.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds NTAP at a 0.06% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are NTAP and SPY good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NTAP and SPY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.38 over the last year and 0.55 over 5 years.
Is SPY a good diversifier for NTAP?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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: NTAP correlations · SPY correlations
