NTAP vs SPYG: Correlation
How closely do NetApp (NTAP) and SPDR Portfolio S&P 500 Growth ETF (SPYG) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTAP and SPYG?
Across a 3-year window, the weekly returns of NTAP and SPYG correlate at 0.53, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.38 versus 0.53 over 3 years. Stretching to 5 years gives 0.54, with an annualized covariance of 378.4 %².
By 3-year correlation, SPYG places #14 of the 32 assets tracked against NTAP. Correlation aside, the last 12 months split them widely, with NTAP ahead by 50.6 points (+73.0% versus +22.4%). Across three years, the rolling one-year figure varied moderately, from 0.33 to 0.73. Note the risk asymmetry: NTAP runs 2.0 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 SPYG: side by side
| NTAP (NetApp) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +73.0% | +22.4% |
| 5-year return | +141.7% | +85.9% |
| Volatility (ann.) | 37.6% | 18.9% |
| Beta vs S&P 500 | 1.38 | 1.25 |
| Max drawdown (3Y) | -42.6% | -22.1% |
| Market cap | $37.4B | – |
| P/E (trailing) | 30.5 | – |
| Dividend yield | 1.07% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | Information Technology | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | NTAP | SPYG |
|---|---|---|
| 2022 | -32.9% | -29.4% |
| 2023 | +51.1% | +30.0% |
| 2024 | +34.2% | +36.0% |
| 2025 | -5.9% | +22.1% |
| 2026 | +80.3% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTAP and SPYG good diversifiers for each other?
To a limited degree. At 0.53 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 NTAP and SPYG?
As of 2026-08-27, the correlation of weekly returns between NTAP and SPYG is 0.53 over 3 years, 0.38 over 1 year and 0.54 over 5 years.
Is SPYG a good diversifier for NTAP?
To a limited degree. At 0.53 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 0.53 mean?
A reading of 0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ntap-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ntap-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NTAP correlations · SPYG correlations
