NVMI vs SPY: Correlation
How closely do Nova Ltd. (NVMI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVMI and SPY?
Over the past 3 years, NVMI and SPY moved with a correlation of 0.54, which is moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 403.2 %².
Among the 12 assets we track against NVMI, SPY sits near the bottom by co-movement, at rank #8. The last year tells two different stories: NVMI led by 20.1 percentage points, +40.7% for NVMI against +20.6% for SPY. Risk is not evenly split, since NVMI carries 3.6 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.
NVMI vs SPY: side by side
| NVMI (Nova Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +40.7% | +20.6% |
| 5-year return | +266.1% | +82.4% |
| Volatility (ann.) | 51.8% | 14.5% |
| Beta vs S&P 500 | 1.93 | 1.00 |
| Max drawdown (3Y) | -40.8% | -18.8% |
| Market cap | $11.8B | – |
| P/E (trailing) | 45.7 | – |
| 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 | NVMI | SPY |
|---|---|---|
| 2022 | -44.2% | -18.2% |
| 2023 | +68.2% | +26.2% |
| 2024 | +43.4% | +24.9% |
| 2025 | +66.7% | +17.7% |
| 2026 | +12.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVMI and SPY good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NVMI and SPY?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.47 over the last year and 0.55 over 5 years.
Is SPY a good diversifier for NVMI?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Hubs: NVMI correlations · SPY correlations
