NTIC vs SPY: Correlation
How closely do Northern Technologies International Corporation (NTIC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.01, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTIC and SPY?
Over the past 3 years, NTIC and SPY moved with a correlation of 0.01, which is near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.07 over 1 year against 0.01 over 3. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 2.6 %².
Within NTIC's tracked universe of 14 assets, SPY comes in at #6 by 3-year correlation. The trailing year gives SPY the advantage: +8.6% versus +20.6%, a 12.0-point spread. Note the risk asymmetry: NTIC runs 2.5 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.
NTIC vs SPY: side by side
| NTIC (Northern Technologies International Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.6% | +20.6% |
| 5-year return | -46.9% | +82.4% |
| Volatility (ann.) | 35.6% | 14.5% |
| Beta vs S&P 500 | 0.01 | 1.00 |
| Max drawdown (3Y) | -63.3% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.37% | 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 | NTIC | SPY |
|---|---|---|
| 2022 | -10.9% | -18.2% |
| 2023 | -9.4% | +26.2% |
| 2024 | +16.7% | +24.9% |
| 2025 | -41.4% | +17.7% |
| 2026 | +3.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTIC and SPY good diversifiers for each other?
Yes. With a correlation of 0.01, NTIC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NTIC and SPY?
The NTIC/SPY correlation stands at 0.01 on a 3-year window (1 year: -0.07, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NTIC?
Yes. With a correlation of 0.01, NTIC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.01 mean?
A reading of 0.01 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: NTIC correlations · SPY correlations
