NUE vs SPYV: Correlation
Nucor (NUE) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUE and SPYV?
Over the past 3 years, NUE and SPYV moved with a correlation of 0.57, which is moderate. The link has loosened recently: the 1-year correlation (0.35) runs below the 3-year figure (0.57). Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 228.9 %².
Within NUE's tracked universe of 34 assets, SPYV comes in at #11 by 3-year correlation. The last year tells two different stories: NUE led by 51.6 percentage points, +70.1% for NUE against +18.5% for SPYV. The rolling one-year correlation moved between 0.36 and 0.78 over the past three years, a moderate range. Risk is not evenly split, since NUE carries 2.8 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.
NUE vs SPYV: side by side
| NUE (Nucor) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +70.1% | +18.5% |
| 5-year return | +124.6% | +73.5% |
| Volatility (ann.) | 33.3% | 12.1% |
| Beta vs S&P 500 | 1.08 | 0.70 |
| Max drawdown (3Y) | -47.8% | -17.5% |
| Market cap | $57.3B | – |
| P/E (trailing) | 20.1 | – |
| Dividend yield | 0.88% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Materials | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | NUE | SPYV |
|---|---|---|
| 2022 | +17.4% | -5.3% |
| 2023 | +33.8% | +22.2% |
| 2024 | -32.0% | +12.2% |
| 2025 | +42.0% | +13.2% |
| 2026 | +55.6% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
NUE represents 0.19% of SPYV's portfolio, so part of any move in SPYV is NUE itself, and the correlation between them is partly mechanical.
Are NUE and SPYV good diversifiers for each other?
Only partially. A correlation of 0.57 means NUE and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NUE and SPYV?
The NUE/SPYV correlation stands at 0.57 on a 3-year window (1 year: 0.35, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for NUE?
Only partially. A correlation of 0.57 means NUE and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
A reading of 0.57 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/nue-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nue-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NUE correlations · SPYV correlations
