NTAP vs VOO: Correlation
Measured on weekly returns over the past three years, NetApp (NTAP) and Vanguard S&P 500 ETF (VOO) 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 VOO?
On 3 years of weekly data the NTAP/VOO correlation comes out at 0.53, moderate. The link has loosened recently: the 1-year correlation (0.38) runs below the 3-year figure (0.53). The 5-year figure is 0.55, and annualized covariance runs at 286.2 %².
Within NTAP's tracked universe of 32 assets, VOO comes in at #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NTAP outperformed by 52.4 percentage points (+73.0% for NTAP against +20.6% for VOO). On a rolling one-year basis the correlation drifted between 0.33 and 0.73, a moderate band. One caveat on sizing: NTAP is 2.6 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.
NTAP vs VOO: side by side
| NTAP (NetApp) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +73.0% | +20.6% |
| 5-year return | +141.7% | +83.0% |
| Volatility (ann.) | 37.6% | 14.4% |
| Beta vs S&P 500 | 1.38 | 0.99 |
| Max drawdown (3Y) | -42.6% | -18.7% |
| Market cap | $37.4B | – |
| P/E (trailing) | 30.5 | – |
| Dividend yield | 1.07% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | Information Technology | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | NTAP | VOO |
|---|---|---|
| 2022 | -32.9% | -18.2% |
| 2023 | +51.1% | +26.3% |
| 2024 | +34.2% | +25.0% |
| 2025 | -5.9% | +17.8% |
| 2026 | +80.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.05% of VOO is NTAP itself, so the fund partly moves with the stock by construction.
Are NTAP and VOO good diversifiers for each other?
Only partially. A correlation of 0.53 means NTAP and VOO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NTAP and VOO?
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 VOO a good diversifier for NTAP?
Only partially. A correlation of 0.53 means NTAP and VOO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
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 · VOO correlations
