NX vs SPY: Correlation
Measured on weekly returns over the past three years, Quanex Building Products Corporation (NX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NX and SPY?
Across a 3-year window, the weekly returns of NX and SPY correlate at 0.32, moderate. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. Stretching to 5 years gives 0.39, with an annualized covariance of 231.3 %².
SPY is close to the least connected end of NX's tracked universe, ranking #9 of 13. Correlation aside, the last 12 months split them widely, with SPY ahead by 29.0 points (-8.4% versus +20.6%). Risk is not evenly split, since NX carries 3.4 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.
NX vs SPY: side by side
| NX (Quanex Building Products Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -8.4% | +20.6% |
| 5-year return | -10.0% | +82.4% |
| Volatility (ann.) | 49.4% | 14.5% |
| Beta vs S&P 500 | 1.11 | 1.00 |
| Max drawdown (3Y) | -70.4% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.61% | 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 | NX | SPY |
|---|---|---|
| 2022 | -3.1% | -18.2% |
| 2023 | +30.7% | +26.2% |
| 2024 | -19.9% | +24.9% |
| 2025 | -35.4% | +17.7% |
| 2026 | +29.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NX and SPY good diversifiers for each other?
Reasonably. At 0.32, NX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NX and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.33 over the last year and 0.39 over 5 years.
Is SPY a good diversifier for NX?
Reasonably. At 0.32, NX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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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Related comparisons
Hubs: NX correlations · SPY correlations
