NXE vs SPY: Correlation
Measured on weekly returns over the past three years, Nexgen Energy Ltd. (NXE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXE and SPY?
Over the past 3 years, NXE and SPY moved with a correlation of 0.42, which is moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 308.7 %².
SPY is close to the least connected end of NXE's tracked universe, ranking #14 of 17. The last year tells two different stories: NXE led by 34.0 percentage points, +54.6% for NXE against +20.6% for SPY. One caveat on sizing: NXE is 3.5 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.
NXE vs SPY: side by side
| NXE (Nexgen Energy Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +54.6% | +20.6% |
| 5-year return | +144.9% | +82.4% |
| Volatility (ann.) | 50.8% | 14.5% |
| Beta vs S&P 500 | 1.48 | 1.00 |
| Max drawdown (3Y) | -54.3% | -18.8% |
| Market cap | $7.5B | – |
| 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 | NXE | SPY |
|---|---|---|
| 2022 | +1.4% | -18.2% |
| 2023 | +58.0% | +26.2% |
| 2024 | -5.7% | +24.9% |
| 2025 | +39.4% | +17.7% |
| 2026 | +21.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXE and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NXE and SPY?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.48 over the last year and 0.44 over 5 years.
Is SPY a good diversifier for NXE?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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: NXE correlations · SPY correlations
