NTWK vs SPY: Correlation
Measured on weekly returns over the past three years, NETSOL Technologies Inc. (NTWK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTWK and SPY?
Across a 3-year window, the weekly returns of NTWK and SPY correlate at 0.26, weak. The relationship has been stable: the 1-year correlation (0.22) sits close to the 3-year figure. Stretching to 5 years gives 0.25, with an annualized covariance of 176.9 %².
Among the 10 assets we track against NTWK, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 20.1 percentage points (+0.5% for NTWK against +20.6% for SPY). Note the risk asymmetry: NTWK runs 3.3 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.
NTWK vs SPY: side by side
| NTWK (NETSOL Technologies Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.5% | +20.6% |
| 5-year return | -4.3% | +82.4% |
| Volatility (ann.) | 47.2% | 14.5% |
| Beta vs S&P 500 | 0.85 | 1.00 |
| Max drawdown (3Y) | -46.4% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 26.8 | – |
| 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 | NTWK | SPY |
|---|---|---|
| 2022 | -27.0% | -18.2% |
| 2023 | -23.9% | +26.2% |
| 2024 | +19.1% | +24.9% |
| 2025 | +15.6% | +17.7% |
| 2026 | +32.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTWK and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NTWK and SPY?
As of 2026-08-27, the correlation of weekly returns between NTWK and SPY is 0.26 over 3 years, 0.22 over 1 year and 0.25 over 5 years.
Is SPY a good diversifier for NTWK?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ntwk-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ntwk-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NTWK correlations · SPY correlations
