NVO vs SPY: Correlation
How closely do Novo Nordisk A/S (NVO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVO and SPY?
On 3 years of weekly data the NVO/SPY correlation comes out at 0.33, moderate. The relationship has been stable: the 1-year correlation (0.27) sits close to the 3-year figure. The 5-year figure is 0.32, and annualized covariance runs at 220.9 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against NVO. The last year tells two different stories: SPY led by 34.5 percentage points, -13.9% for NVO against +20.6% for SPY. Note the risk asymmetry: NVO runs 3.2 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.
NVO vs SPY: side by side
| NVO (Novo Nordisk A/S) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -13.9% | +20.6% |
| 5-year return | +1.3% | +82.4% |
| Volatility (ann.) | 45.9% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -74.7% | -18.8% |
| Market cap | $204.5B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 24.79% | 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 | NVO | SPY |
|---|---|---|
| 2022 | +22.7% | -18.2% |
| 2023 | +54.8% | +26.2% |
| 2024 | -15.9% | +24.9% |
| 2025 | -39.2% | +17.7% |
| 2026 | -4.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVO and SPY good diversifiers for each other?
Reasonably. At 0.33, NVO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NVO and SPY?
As of 2026-08-27, the correlation of weekly returns between NVO and SPY is 0.33 over 3 years, 0.27 over 1 year and 0.32 over 5 years.
Is SPY a good diversifier for NVO?
Reasonably. At 0.33, NVO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 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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Related comparisons
Hubs: NVO correlations · SPY correlations
