NTR vs SPY: Correlation
Measured on weekly returns over the past three years, Nutrien Ltd. (NTR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTR and SPY?
Over the past 3 years, NTR and SPY moved with a correlation of 0.11, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.23 versus 0.11 over 3 years. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 46.2 %².
SPY is close to the least connected end of NTR's tracked universe, ranking #8 of 12. The trailing year gives NTR the advantage: +27.7% versus +20.6%, a 7.1-point spread. Risk is not evenly split, since NTR carries 1.9 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.
NTR vs SPY: side by side
| NTR (Nutrien Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.7% | +20.6% |
| 5-year return | +39.5% | +82.4% |
| Volatility (ann.) | 28.2% | 14.5% |
| Beta vs S&P 500 | 0.22 | 1.00 |
| Max drawdown (3Y) | -28.3% | -18.8% |
| Market cap | $34.9B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 2.98% | 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 | NTR | SPY |
|---|---|---|
| 2022 | -0.7% | -18.2% |
| 2023 | -20.2% | +26.2% |
| 2024 | -17.0% | +24.9% |
| 2025 | +40.8% | +17.7% |
| 2026 | +20.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTR and SPY good diversifiers for each other?
Yes. With a correlation of 0.11, NTR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NTR and SPY?
As of 2026-08-27, the correlation of weekly returns between NTR and SPY is 0.11 over 3 years, -0.23 over 1 year and 0.23 over 5 years.
Is SPY a good diversifier for NTR?
Yes. With a correlation of 0.11, NTR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.11 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: NTR correlations · SPY correlations
