NTZ vs SPY: Correlation
Measured on weekly returns over the past three years, Natuzzi, S.p.A. (NTZ) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTZ and SPY?
Over the past 3 years, NTZ and SPY moved with a correlation of 0.29, which is weak. Little has changed lately, as the 1-year reading of 0.28 lands near the 3-year figure. Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 219.0 %².
Among the 10 assets we track against NTZ, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 87.3 percentage points (-66.7% for NTZ against +20.6% for SPY). One caveat on sizing: NTZ is 3.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NTZ vs SPY: side by side
| NTZ (Natuzzi, S.p.A.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -66.7% | +20.6% |
| 5-year return | -93.4% | +82.4% |
| Volatility (ann.) | 52.2% | 14.5% |
| Beta vs S&P 500 | 1.05 | 1.00 |
| Max drawdown (3Y) | -86.3% | -18.8% |
| Market cap | – | – |
| 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 | NTZ | SPY |
|---|---|---|
| 2022 | -51.7% | -18.2% |
| 2023 | -12.0% | +26.2% |
| 2024 | -29.1% | +24.9% |
| 2025 | -50.8% | +17.7% |
| 2026 | -57.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTZ and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NTZ and SPY?
The NTZ/SPY correlation stands at 0.29 on a 3-year window (1 year: 0.28, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NTZ?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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: NTZ correlations · SPY correlations
