NWN vs SPY: Correlation
How closely do Northwest Natural Holding Company (NWN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWN and SPY?
Across a 3-year window, the weekly returns of NWN and SPY correlate at 0.12, weak. The past 12 months show a weaker link (-0.11) than the 3-year average (0.12). Stretching to 5 years gives 0.23, with an annualized covariance of 35.8 %².
Out of 16 assets tracked against NWN, SPY lands near the bottom at #12. Their 12-month results are close: +24.4% for NWN against +20.6% for SPY.
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.
NWN vs SPY: side by side
| NWN (Northwest Natural Holding Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.4% | +20.6% |
| 5-year return | +20.2% | +82.4% |
| Volatility (ann.) | 20.8% | 14.5% |
| Beta vs S&P 500 | 0.17 | 1.00 |
| Max drawdown (3Y) | -13.5% | -18.8% |
| Market cap | $2.1B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 3.91% | 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 | NWN | SPY |
|---|---|---|
| 2022 | +1.5% | -18.2% |
| 2023 | -14.4% | +26.2% |
| 2024 | +6.8% | +24.9% |
| 2025 | +23.7% | +17.7% |
| 2026 | +9.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWN and SPY good diversifiers for each other?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NWN and SPY?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with -0.11 over the last year and 0.23 over 5 years.
Is SPY a good diversifier for NWN?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.12 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: NWN correlations · SPY correlations
