NXTC vs SPY: Correlation
How closely do NextCure, Inc. (NXTC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.11, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXTC and SPY?
On 3 years of weekly data the NXTC/SPY correlation comes out at 0.11, weak. The relationship has been stable: the 1-year correlation (0.09) sits close to the 3-year figure. The 5-year figure is 0.12, and annualized covariance runs at 247.4 %².
By 3-year correlation, SPY places #7 of the 18 assets tracked against NXTC. On 12-month performance SPY holds a 5.3-point edge, +15.3% against +20.6%. Risk is not evenly split, since NXTC carries 11.0 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.
NXTC vs SPY: side by side
| NXTC (NextCure, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.3% | +20.6% |
| 5-year return | -93.2% | +82.4% |
| Volatility (ann.) | 160.1% | 14.5% |
| Beta vs S&P 500 | 1.18 | 1.00 |
| Max drawdown (3Y) | -94.6% | -18.8% |
| Market cap | – | – |
| 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 | NXTC | SPY |
|---|---|---|
| 2022 | -76.5% | -18.2% |
| 2023 | -19.1% | +26.2% |
| 2024 | -32.4% | +24.9% |
| 2025 | +53.4% | +17.7% |
| 2026 | -57.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXTC and SPY good diversifiers for each other?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NXTC and SPY?
As of 2026-08-27, the correlation of weekly returns between NXTC and SPY is 0.11 over 3 years, 0.09 over 1 year and 0.12 over 5 years.
Is SPY a good diversifier for NXTC?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.11 mean?
A reading of 0.11 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: NXTC correlations · SPY correlations
