NVS vs SPY: Correlation
Measured on weekly returns over the past three years, Novartis AG (NVS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVS and SPY?
Across a 3-year window, the weekly returns of NVS and SPY correlate at 0.19, weak. The link has loosened recently: the 1-year correlation (0.01) runs below the 3-year figure (0.19). Stretching to 5 years gives 0.32, with an annualized covariance of 53.0 %².
Within NVS's tracked universe of 22 assets, SPY comes in at #17 by 3-year correlation. Over the last 12 months NVS came out ahead by 5.0 percentage points (+25.6% against +20.6%).
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.
NVS vs SPY: side by side
| NVS (Novartis AG) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.6% | +20.6% |
| 5-year return | +103.5% | +82.4% |
| Volatility (ann.) | 19.6% | 14.5% |
| Beta vs S&P 500 | 0.25 | 1.00 |
| Max drawdown (3Y) | -20.0% | -18.8% |
| Market cap | $293.9B | – |
| P/E (trailing) | 23.4 | – |
| Dividend yield | 2.96% | 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 | NVS | SPY |
|---|---|---|
| 2022 | +8.1% | -18.2% |
| 2023 | +16.1% | +26.2% |
| 2024 | +0.0% | +24.9% |
| 2025 | +47.0% | +17.7% |
| 2026 | +15.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between NVS and SPY?
As of 2026-08-27, the correlation of weekly returns between NVS and SPY is 0.19 over 3 years, 0.01 over 1 year and 0.32 over 5 years.
Is SPY a good diversifier for NVS?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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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Hubs: NVS correlations · SPY correlations
