NTRA vs SPY: Correlation
How closely do Natera, Inc. (NTRA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTRA and SPY?
Over the past 3 years, NTRA and SPY moved with a correlation of 0.41, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.41 over 3 years. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 265.6 %².
SPY is close to the least connected end of NTRA's tracked universe, ranking #8 of 12. Correlation aside, the last 12 months split them widely, with NTRA ahead by 87.1 points (+107.7% versus +20.6%). Risk is not evenly split, since NTRA 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.
NTRA vs SPY: side by side
| NTRA (Natera, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +107.7% | +20.6% |
| 5-year return | +182.7% | +82.4% |
| Volatility (ann.) | 45.2% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -39.9% | -18.8% |
| Market cap | $48.8B | – |
| 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 | NTRA | SPY |
|---|---|---|
| 2022 | -57.0% | -18.2% |
| 2023 | +55.9% | +26.2% |
| 2024 | +152.7% | +24.9% |
| 2025 | +44.7% | +17.7% |
| 2026 | +47.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTRA and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NTRA and SPY?
As of 2026-08-27, the correlation of weekly returns between NTRA and SPY is 0.41 over 3 years, 0.29 over 1 year and 0.41 over 5 years.
Is SPY a good diversifier for NTRA?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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: NTRA correlations · SPY correlations
