SMR vs SPY: Correlation
NuScale Power Corporation (SMR) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMR and SPY?
Over the past 3 years, SMR and SPY moved with a correlation of 0.40, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.52 versus 0.40 over 3 years. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 685.2 %².
By 3-year correlation, SPY places #6 of the 14 assets tracked against SMR. Correlation aside, the last 12 months split them widely, with SPY ahead by 92.9 points (-72.3% versus +20.6%). Risk is not evenly split, since SMR carries 8.3 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.
SMR vs SPY: side by side
| SMR (NuScale Power Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -72.3% | +20.6% |
| 5-year return | -3.2% | +82.4% |
| Volatility (ann.) | 119.8% | 14.5% |
| Beta vs S&P 500 | 3.28 | 1.00 |
| Max drawdown (3Y) | -85.8% | -18.8% |
| Market cap | $4.0B | – |
| 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 | SMR | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -67.9% | +26.2% |
| 2024 | +445.0% | +24.9% |
| 2025 | -21.0% | +17.7% |
| 2026 | -31.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMR and SPY good diversifiers for each other?
Reasonably. At 0.40, SMR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SMR and SPY?
The SMR/SPY correlation stands at 0.40 on a 3-year window (1 year: 0.52, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SMR?
Reasonably. At 0.40, SMR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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: SMR correlations · SPY correlations
