NTGR vs SPY: Correlation
NETGEAR, Inc. (NTGR) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTGR and SPY?
On 3 years of weekly data the NTGR/SPY correlation comes out at 0.40, moderate. Little has changed lately, as the 1-year reading of 0.36 lands near the 3-year figure. The 5-year figure is 0.42, and annualized covariance runs at 299.4 %².
Among the 11 assets we track against NTGR, SPY ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 39.6 percentage points (-19.0% for NTGR against +20.6% for SPY). Risk is not evenly split, since NTGR carries 3.5 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.
NTGR vs SPY: side by side
| NTGR (NETGEAR, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.0% | +20.6% |
| 5-year return | -38.5% | +82.4% |
| Volatility (ann.) | 51.4% | 14.5% |
| Beta vs S&P 500 | 1.43 | 1.00 |
| Max drawdown (3Y) | -44.8% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | NTGR | SPY |
|---|---|---|
| 2022 | -38.0% | -18.2% |
| 2023 | -19.5% | +26.2% |
| 2024 | +91.2% | +24.9% |
| 2025 | -12.0% | +17.7% |
| 2026 | -10.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTGR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NTGR and SPY?
The NTGR/SPY correlation stands at 0.40 on a 3-year window (1 year: 0.36, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NTGR?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 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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Hubs: NTGR correlations · SPY correlations
