NTRS vs SPY: Correlation
Measured on weekly returns over the past three years, Northern Trust (NTRS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTRS and SPY?
Over the past 3 years, NTRS and SPY moved with a correlation of 0.66, which is strong. The link has loosened recently: the 1-year correlation (0.51) runs below the 3-year figure (0.66). Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 225.3 %².
Among the 33 assets we track against NTRS, SPY ranks #19 by 3-year correlation. The last year tells two different stories: NTRS led by 24.2 percentage points, +44.8% for NTRS against +20.6% for SPY. On a rolling one-year basis the correlation drifted between 0.48 and 0.76, a moderate band. Risk is not evenly split, since NTRS carries 1.6 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.
NTRS vs SPY: side by side
| NTRS (Northern Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +44.8% | +20.6% |
| 5-year return | +83.2% | +82.4% |
| Volatility (ann.) | 23.7% | 14.5% |
| Beta vs S&P 500 | 1.08 | 1.00 |
| Max drawdown (3Y) | -25.2% | -18.8% |
| Market cap | $34.1B | – |
| P/E (trailing) | 16.1 | – |
| Dividend yield | 1.71% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | NTRS | SPY |
|---|---|---|
| 2022 | -23.8% | -18.2% |
| 2023 | -1.0% | +26.2% |
| 2024 | +25.6% | +24.9% |
| 2025 | +36.9% | +17.7% |
| 2026 | +37.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds NTRS at a 0.05% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are NTRS and SPY good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NTRS and SPY?
The NTRS/SPY correlation stands at 0.66 on a 3-year window (1 year: 0.51, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NTRS?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 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: NTRS correlations · SPY correlations
