NVNI vs SPY: Correlation
How closely do Nvni Group Limited (NVNI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVNI and SPY?
On 3 years of weekly data the NVNI/SPY correlation comes out at -0.06, near zero, meaning they move largely independently. The link has tightened recently: the 1-year correlation (0.05) runs above the 3-year figure (-0.06). The 5-year figure is -0.04, and annualized covariance runs at -842.3 %².
By 3-year correlation, SPY places #16 of the 60 assets tracked against NVNI. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 103.6 percentage points (-83.0% for NVNI against +20.6% for SPY). Risk is not evenly split, since NVNI carries 65.5 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.
NVNI vs SPY: side by side
| NVNI (Nvni Group Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -83.0% | +20.6% |
| 5-year return | -98.9% | +82.4% |
| Volatility (ann.) | 949.3% | 14.5% |
| Beta vs S&P 500 | -4.03 | 1.00 |
| Max drawdown (3Y) | -99.3% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | NVNI | SPY |
|---|---|---|
| 2022 | +4.4% | -18.2% |
| 2023 | -85.4% | +26.2% |
| 2024 | +64.4% | +24.9% |
| 2025 | -89.2% | +17.7% |
| 2026 | -60.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVNI and SPY good diversifiers for each other?
Yes. With a correlation of -0.06, NVNI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NVNI and SPY?
As of 2026-08-27, the correlation of weekly returns between NVNI and SPY is -0.06 over 3 years, 0.05 over 1 year and -0.04 over 5 years.
Is SPY a good diversifier for NVNI?
Yes. With a correlation of -0.06, NVNI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.06 mean?
On the −1 to +1 scale, -0.06 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: NVNI correlations · SPY correlations
