NUTX vs SPY: Correlation
Measured on weekly returns over the past three years, Nutex Health Inc. (NUTX) 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 NUTX and SPY?
Over the past 3 years, NUTX and SPY moved with a correlation of 0.26, which is weak. Little has changed lately, as the 1-year reading of 0.19 lands near the 3-year figure. Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 445.9 %².
SPY is close to the least connected end of NUTX's tracked universe, ranking #6 of 10. The last year tells two different stories: NUTX led by 95.4 percentage points, +116.0% for NUTX against +20.6% for SPY. Risk is not evenly split, since NUTX carries 8.3 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.
NUTX vs SPY: side by side
| NUTX (Nutex Health Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +116.0% | +20.6% |
| 5-year return | -96.8% | +82.4% |
| Volatility (ann.) | 120.6% | 14.5% |
| Beta vs S&P 500 | 2.13 | 1.00 |
| Max drawdown (3Y) | -90.7% | -18.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 7.6 | – |
| 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 | NUTX | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -90.5% | +26.2% |
| 2024 | +17.4% | +24.9% |
| 2025 | +419.5% | +17.7% |
| 2026 | +17.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUTX 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 NUTX and SPY?
As of 2026-08-27, the correlation of weekly returns between NUTX and SPY is 0.26 over 3 years, 0.19 over 1 year and 0.25 over 5 years.
Is SPY a good diversifier for NUTX?
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.
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Related comparisons
Hubs: NUTX correlations · SPY correlations
