NYAX vs SPY: Correlation
Measured on weekly returns over the past three years, Nayax Ltd. (NYAX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.14, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NYAX and SPY?
Over the past 3 years, NYAX and SPY moved with a correlation of 0.14, which is weak. Recent behaviour matches the longer record: 0.19 over 1 year against 0.14 over 3. Over 5 years the correlation is 0.16, and the annualized covariance of weekly returns is 100.5 %².
Among the 12 assets we track against NYAX, SPY ranks #7 by 3-year correlation. On 12-month performance SPY holds a 11.2-point edge, +9.4% against +20.6%. Note the risk asymmetry: NYAX runs 3.4 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.
NYAX vs SPY: side by side
| NYAX (Nayax Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.4% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 48.8% | 14.5% |
| Beta vs S&P 500 | 0.48 | 1.00 |
| Max drawdown (3Y) | -39.1% | -18.8% |
| Market cap | $2.0B | – |
| P/E (trailing) | 261.0 | – |
| 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 | NYAX | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -3.3% | +26.2% |
| 2024 | +53.1% | +24.9% |
| 2025 | +73.5% | +17.7% |
| 2026 | +3.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NYAX and SPY good diversifiers for each other?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NYAX and SPY?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.19 over the last year and 0.16 over 5 years.
Is SPY a good diversifier for NYAX?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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: NYAX correlations · SPY correlations
