NWPX vs SPY: Correlation
How closely do NWPX Infrastructure, Inc. (NWPX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWPX and SPY?
Over the past 3 years, NWPX and SPY moved with a correlation of 0.36, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.14 versus 0.36 over 3 years. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 197.6 %².
Among the 12 assets we track against NWPX, SPY sits near the bottom by co-movement, at rank #8. The last year tells two different stories: NWPX led by 93.5 percentage points, +114.1% for NWPX against +20.6% for SPY. One caveat on sizing: NWPX is 2.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NWPX vs SPY: side by side
| NWPX (NWPX Infrastructure, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +114.1% | +20.6% |
| 5-year return | +340.7% | +82.4% |
| Volatility (ann.) | 37.8% | 14.5% |
| Beta vs S&P 500 | 0.95 | 1.00 |
| Max drawdown (3Y) | -35.4% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 23.1 | – |
| 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 | NWPX | SPY |
|---|---|---|
| 2022 | +6.0% | -18.2% |
| 2023 | -10.2% | +26.2% |
| 2024 | +59.5% | +24.9% |
| 2025 | +29.5% | +17.7% |
| 2026 | +82.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWPX and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NWPX and SPY?
As of 2026-08-27, the correlation of weekly returns between NWPX and SPY is 0.36 over 3 years, 0.14 over 1 year and 0.38 over 5 years.
Is SPY a good diversifier for NWPX?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
A reading of 0.36 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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Related comparisons
Hubs: NWPX correlations · SPY correlations
