NUE vs SPY: Correlation
Nucor (NUE) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUE and SPY?
On 3 years of weekly data the NUE/SPY correlation comes out at 0.47, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.30 versus 0.47 over 3 years. The 5-year figure is 0.53, and annualized covariance runs at 226.2 %².
Within NUE's tracked universe of 34 assets, SPY comes in at #16 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NUE outperformed by 49.5 percentage points (+70.1% for NUE against +20.6% for SPY). The rolling one-year correlation moved between 0.22 and 0.68 over the past three years, a moderate range. One caveat on sizing: NUE is 2.3 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.
NUE vs SPY: side by side
| NUE (Nucor) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +70.1% | +20.6% |
| 5-year return | +124.6% | +82.4% |
| Volatility (ann.) | 33.3% | 14.5% |
| Beta vs S&P 500 | 1.08 | 1.00 |
| Max drawdown (3Y) | -47.8% | -18.8% |
| Market cap | $57.3B | – |
| P/E (trailing) | 20.1 | – |
| Dividend yield | 0.88% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Materials | 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 | NUE | SPY |
|---|---|---|
| 2022 | +17.4% | -18.2% |
| 2023 | +33.8% | +26.2% |
| 2024 | -32.0% | +24.9% |
| 2025 | +42.0% | +17.7% |
| 2026 | +55.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
NUE represents 0.09% of SPY's portfolio, so part of any move in SPY is NUE itself, and the correlation between them is partly mechanical.
Are NUE and SPY good diversifiers for each other?
Reasonably. At 0.47, NUE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NUE and SPY?
As of 2026-08-27, the correlation of weekly returns between NUE and SPY is 0.47 over 3 years, 0.30 over 1 year and 0.53 over 5 years.
Is SPY a good diversifier for NUE?
Reasonably. At 0.47, NUE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NUE correlations · SPY correlations
