NVR vs SPY: Correlation
Measured on weekly returns over the past three years, NVR, Inc. (NVR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVR and SPY?
Across a 3-year window, the weekly returns of NVR and SPY correlate at 0.33, moderate. Little has changed lately, as the 1-year reading of 0.25 lands near the 3-year figure. Stretching to 5 years gives 0.48, with an annualized covariance of 109.8 %².
By 3-year correlation, SPY places #27 of the 38 assets tracked against NVR. Correlation aside, the last 12 months split them widely, with SPY ahead by 41.4 points (-20.8% versus +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.11 to 0.74. Risk is not evenly split, since NVR carries 1.6 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.
NVR vs SPY: side by side
| NVR (NVR, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -20.8% | +20.6% |
| 5-year return | +24.2% | +82.4% |
| Volatility (ann.) | 23.4% | 14.5% |
| Beta vs S&P 500 | 0.53 | 1.00 |
| Max drawdown (3Y) | -43.9% | -18.8% |
| Market cap | $17.0B | – |
| P/E (trailing) | 16.6 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | NVR | SPY |
|---|---|---|
| 2022 | -21.9% | -18.2% |
| 2023 | +51.8% | +26.2% |
| 2024 | +16.8% | +24.9% |
| 2025 | -10.8% | +17.7% |
| 2026 | -12.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVR and SPY good diversifiers for each other?
Reasonably. At 0.33, NVR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NVR and SPY?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.25 over the last year and 0.48 over 5 years.
Is SPY a good diversifier for NVR?
Reasonably. At 0.33, NVR 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: NVR correlations · SPY correlations
