NTNX vs SPY: Correlation
Measured on weekly returns over the past three years, Nutanix, Inc. (NTNX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTNX and SPY?
Over the past 3 years, NTNX and SPY moved with a correlation of 0.40, which is moderate. The past 12 months show a weaker link (0.21) than the 3-year average (0.40). Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 267.0 %².
Within NTNX's tracked universe of 16 assets, SPY comes in at #6 by 3-year correlation. The last year tells two different stories: SPY led by 20.3 percentage points, +0.3% for NTNX against +20.6% for SPY. Risk is not evenly split, since NTNX carries 3.1 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.
NTNX vs SPY: side by side
| NTNX (Nutanix, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.3% | +20.6% |
| 5-year return | +90.4% | +82.4% |
| Volatility (ann.) | 45.6% | 14.5% |
| Beta vs S&P 500 | 1.28 | 1.00 |
| Max drawdown (3Y) | -58.6% | -18.8% |
| Market cap | $18.9B | – |
| P/E (trailing) | 12.7 | – |
| 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 | NTNX | SPY |
|---|---|---|
| 2022 | -18.2% | -18.2% |
| 2023 | +83.1% | +26.2% |
| 2024 | +28.3% | +24.9% |
| 2025 | -15.5% | +17.7% |
| 2026 | +35.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTNX and SPY good diversifiers for each other?
Reasonably. At 0.40, NTNX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NTNX and SPY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.21 over the last year and 0.37 over 5 years.
Is SPY a good diversifier for NTNX?
Reasonably. At 0.40, NTNX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: NTNX correlations · SPY correlations
