NU vs SPY: Correlation
Nu Holdings Ltd. Class A (NU) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NU and SPY?
On 3 years of weekly data the NU/SPY correlation comes out at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. The 5-year figure is 0.44, and annualized covariance runs at 262.4 %².
SPY is close to the least connected end of NU's tracked universe, ranking #6 of 10. The last year tells two different stories: SPY led by 19.0 percentage points, +1.6% for NU against +20.6% for SPY. Note the risk asymmetry: NU runs 2.7 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.
NU vs SPY: side by side
| NU (Nu Holdings Ltd. Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.6% | +20.6% |
| 5-year return | +44.0% | +82.4% |
| Volatility (ann.) | 39.4% | 14.5% |
| Beta vs S&P 500 | 1.26 | 1.00 |
| Max drawdown (3Y) | -39.6% | -18.8% |
| Market cap | $71.9B | – |
| P/E (trailing) | 20.7 | – |
| 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 | NU | SPY |
|---|---|---|
| 2022 | -56.6% | -18.2% |
| 2023 | +104.7% | +26.2% |
| 2024 | +24.4% | +24.9% |
| 2025 | +61.6% | +17.7% |
| 2026 | -11.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NU and SPY good diversifiers for each other?
Reasonably. At 0.46, NU and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NU and SPY?
As of 2026-08-27, the correlation of weekly returns between NU and SPY is 0.46 over 3 years, 0.40 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for NU?
Reasonably. At 0.46, NU and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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: NU correlations · SPY correlations
