NVDA vs SPY: Correlation
Nvidia (NVDA) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVDA and SPY?
Across a 3-year window, the weekly returns of NVDA and SPY correlate at 0.71, strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. Stretching to 5 years gives 0.70, with an annualized covariance of 455.2 %².
By 3-year correlation, SPY places #11 of the 37 assets tracked against NVDA. Over the last 12 months NVDA came out ahead by 5.1 percentage points (+25.7% against +20.6%). On a rolling one-year basis the correlation drifted between 0.46 and 0.78, a moderate band. One caveat on sizing: NVDA is 3.1 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.
NVDA vs SPY: side by side
| NVDA (Nvidia) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.7% | +20.6% |
| 5-year return | +908.3% | +82.4% |
| Volatility (ann.) | 44.5% | 14.5% |
| Beta vs S&P 500 | 2.18 | 1.00 |
| Max drawdown (3Y) | -36.9% | -18.8% |
| Market cap | $5,505.0B | – |
| P/E (trailing) | 32.2 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | NVDA | SPY |
|---|---|---|
| 2022 | -50.3% | -18.2% |
| 2023 | +239.0% | +26.2% |
| 2024 | +171.2% | +24.9% |
| 2025 | +38.9% | +17.7% |
| 2026 | +22.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds NVDA at a 7.68% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are NVDA and SPY good diversifiers for each other?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NVDA and SPY?
As of 2026-08-27, the correlation of weekly returns between NVDA and SPY is 0.71 over 3 years, 0.63 over 1 year and 0.70 over 5 years.
Is SPY a good diversifier for NVDA?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 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: NVDA correlations · SPY correlations
