NVX vs SPY: Correlation
NOVONIX Limited - American Depository Shares (NVX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVX and SPY?
On 3 years of weekly data the NVX/SPY correlation comes out at 0.15, weak. The relationship has been stable: the 1-year correlation (0.13) sits close to the 3-year figure. The 5-year figure is 0.30, and annualized covariance runs at 213.2 %².
Among the 15 assets we track against NVX, SPY sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 96.0 percentage points (-75.4% for NVX against +20.6% for SPY). Risk is not evenly split, since NVX carries 6.6 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.
NVX vs SPY: side by side
| NVX (NOVONIX Limited - American Depository Shares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -75.4% | +20.6% |
| 5-year return | -98.4% | +82.4% |
| Volatility (ann.) | 96.1% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -88.4% | -18.8% |
| Market cap | $0.1B | – |
| 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 | NVX | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -52.7% | +26.2% |
| 2024 | -7.2% | +24.9% |
| 2025 | -43.9% | +17.7% |
| 2026 | -64.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVX and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between NVX and SPY?
As of 2026-08-27, the correlation of weekly returns between NVX and SPY is 0.15 over 3 years, 0.13 over 1 year and 0.30 over 5 years.
Is SPY a good diversifier for NVX?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
What does a correlation of 0.15 mean?
A reading of 0.15 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: NVX correlations · SPY correlations
