NXDR vs SPY: Correlation
Measured on weekly returns over the past three years, Nextdoor Holdings, Inc. (NXDR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXDR and SPY?
Across a 3-year window, the weekly returns of NXDR and SPY correlate at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. Stretching to 5 years gives 0.43, with an annualized covariance of 343.7 %².
Within NXDR's tracked universe of 15 assets, SPY comes in at #9 by 3-year correlation. Over the last 12 months SPY came out ahead by 10.6 percentage points (+10.0% against +20.6%). Note the risk asymmetry: NXDR runs 3.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NXDR vs SPY: side by side
| NXDR (Nextdoor Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.0% | +20.6% |
| 5-year return | -82.2% | +82.4% |
| Volatility (ann.) | 54.0% | 14.5% |
| Beta vs S&P 500 | 1.65 | 1.00 |
| Max drawdown (3Y) | -53.6% | -18.8% |
| Market cap | $0.9B | – |
| 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 | NXDR | SPY |
|---|---|---|
| 2022 | -73.9% | -18.2% |
| 2023 | -8.3% | +26.2% |
| 2024 | +25.4% | +24.9% |
| 2025 | -11.4% | +17.7% |
| 2026 | +10.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXDR and SPY good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NXDR and SPY?
As of 2026-08-27, the correlation of weekly returns between NXDR and SPY is 0.44 over 3 years, 0.43 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for NXDR?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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: NXDR correlations · SPY correlations
