NUWE vs SPY: Correlation
How closely do Nuwellis, Inc. (NUWE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.17, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUWE and SPY?
Over the past 3 years, NUWE and SPY moved with a correlation of 0.17, which is weak. The past 12 months show a tighter link (0.35) than the 3-year average (0.17). Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 347.5 %².
Out of 12 assets tracked against NUWE, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 120.1 percentage points (-99.5% for NUWE against +20.6% for SPY). Note the risk asymmetry: NUWE runs 9.8 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.
NUWE vs SPY: side by side
| NUWE (Nuwellis, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -99.5% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 141.6% | 14.5% |
| Beta vs S&P 500 | 1.66 | 1.00 |
| Max drawdown (3Y) | -100.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 0.0 | – |
| 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 | NUWE | SPY |
|---|---|---|
| 2022 | -90.6% | -18.2% |
| 2023 | -94.6% | +26.2% |
| 2024 | -94.5% | +24.9% |
| 2025 | -96.3% | +17.7% |
| 2026 | -98.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUWE and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between NUWE and SPY?
Using weekly returns as of 2026-08-27: 0.17 over 3 years, with 0.35 over the last year and 0.17 over 5 years.
Is SPY a good diversifier for NUWE?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
What does a correlation of 0.17 mean?
A reading of 0.17 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: NUWE correlations · SPY correlations
