NAII vs. SPY

Last updated Jun 3, 2026

NAII (Natural Alternatives International, Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, NAII returned -13.99%/yr vs 15.49%/yr for SPY. At a 0.11 correlation, their price movements are largely independent.

Performance

NAII vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Natural Alternatives International, Inc. (NAII) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NAII achieves a -29.61% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, NAII has underperformed SPY with an annualized return of -13.99%, while SPY has yielded a comparatively higher 15.49% annualized return.

NAII

• 1D: 0.00%
• 1M: -7.35%
• YTD: -29.61%
• 6M: -29.01%
• 1Y: -24.38%
• 3Y*: -30.51%
• 5Y*: -27.86%
• 10Y*: -13.99%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NAII vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NAII Natural Alternatives International, Inc.	-29.61%	-16.94%	-34.00%	-22.17%	-33.68%	19.46%	32.69%	-18.82%	-4.56%	-8.85%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between NAII and SPY is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Oct 29, 1993	0.11

The correlation between NAII and SPY shifts across timeframes, from 0.11 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NAII vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NAII

NAII Risk / Return Rank: 24
NAII Sharpe Ratio Rank: 23
NAII Sortino Ratio Rank: 25
NAII Omega Ratio Rank: 25
NAII Calmar Ratio Rank: 23
NAII Martin Ratio Rank: 24

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NAII vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Natural Alternatives International, Inc. (NAII) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NAII	SPY	Difference
Sharpe ratio Return per unit of total volatility	-0.39	2.38	-2.77
Sortino ratio Return per unit of downside risk	-0.18	3.24	-3.42
Omega ratio Gain probability vs. loss probability	0.97	1.43	-0.46
Calmar ratio Return relative to maximum drawdown	-0.50	3.16	-3.67
Martin ratio Return relative to average drawdown	-0.84	14.72	-15.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NAII vs. SPY - Sharpe Ratio Comparison

The current NAII Sharpe Ratio is -0.39, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of NAII and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NAII	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.39	2.38	-2.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.55	0.82	-1.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.30	0.87	-1.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.59	-0.65

Drawdowns

NAII vs. SPY - Drawdown Comparison

The maximum NAII drawdown since its inception was -95.46%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NAII and SPY.

Drawdown Indicators

	NAII	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-95.46%	-55.19%	-40.27%
Max Drawdown (1Y) Largest decline over 1 year	-47.83%	-8.88%	-38.95%
Max Drawdown (3Y) Largest decline over 3 years	-67.57%	-18.76%	-48.81%
Max Drawdown (5Y) Largest decline over 5 years	-86.84%	-24.50%	-62.34%
Max Drawdown (10Y) Largest decline over 10 years	-86.84%	-33.72%	-53.12%
Current Drawdown Current decline from peak	-90.31%	-0.70%	-89.61%
Average Drawdown Average peak-to-trough decline	-66.67%	-9.05%	-57.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.59%	1.91%	+26.68%

Volatility

NAII vs. SPY - Volatility Comparison

Natural Alternatives International, Inc. (NAII) has a higher volatility of 8.63% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that NAII's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NAII	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.63%	2.84%	+5.79%
Volatility (6M) Calculated over the trailing 6-month period	48.82%	8.90%	+39.92%
Volatility (1Y) Calculated over the trailing 1-year period	62.12%	11.83%	+50.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.27%	17.05%	+34.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.23%	17.94%	+29.29%

Dividends

NAII vs. SPY - Dividend Comparison

NAII has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NAII Natural Alternatives International, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both NAII and SPY in my portfolio?

NAII and SPY have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NAII or SPY?

NAII has higher volatility (8.63%) compared to SPY (2.84%). In terms of maximum drawdown, NAII dropped -95.46% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs -0.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.