NEXA vs. SPY

Last updated Jun 24, 2026

NEXA (Nexa Resources S.A.) 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 5 years, NEXA returned 10.33%/yr vs 13.05%/yr for SPY. At a 0.31 correlation, their price movements are largely independent.

Performance

NEXA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nexa Resources S.A. (NEXA) 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, NEXA achieves a 53.45% return, which is significantly higher than SPY's 8.15% return.

NEXA

• 1D: -2.65%
• 1M: -6.15%
• YTD: 53.45%
• 6M: 52.58%
• 1Y: 184.10%
• 3Y*: 41.82%
• 5Y*: 10.33%
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

NEXA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NEXA Nexa Resources S.A.	53.45%	2.67%	23.25%	22.07%	-20.07%	-16.38%	28.63%	-28.32%	-37.43%	18.85%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	4.93%

Correlation

The correlation between NEXA and SPY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 27, 2017	0.31

The correlation between NEXA and SPY shifts across timeframes, from 0.24 (3 years) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NEXA vs. SPY — Risk / Return Rank

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

NEXA

NEXA Risk / Return Rank: 92
NEXA Sharpe Ratio Rank: 94
NEXA Sortino Ratio Rank: 89
NEXA Omega Ratio Rank: 90
NEXA Calmar Ratio Rank: 92
NEXA Martin Ratio Rank: 93

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

NEXA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nexa Resources S.A. (NEXA) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NEXA	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.82	1.90	+0.92
Sortino ratio: Return per unit of downside risk	3.02	2.58	+0.44
Omega ratio: Gain probability vs. loss probability	1.42	1.34	+0.08
Calmar ratio: Return relative to maximum drawdown	4.97	2.67	+2.30
Martin ratio: Return relative to average drawdown	15.37	11.92	+3.45

NEXA vs. SPY - Sharpe Ratio Comparison

The current NEXA Sharpe Ratio is 2.82, which is higher than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of NEXA 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.

Drawdowns

NEXA vs. SPY - Drawdown Comparison

The maximum NEXA drawdown since its inception was -85.01%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NEXA and SPY.

Drawdown Indicators

	NEXA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-85.01%	-55.19%	-29.82%
Max Drawdown (1Y) Largest decline over 1 year	-37.31%	-8.88%	-28.43%
Max Drawdown (3Y) Largest decline over 3 years	-47.02%	-18.76%	-28.26%
Max Drawdown (5Y) Largest decline over 5 years	-62.86%	-24.50%	-38.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-18.78%	-3.17%	-15.61%
Average Drawdown Average peak-to-trough decline	-51.24%	-9.04%	-42.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.03%	1.98%	+10.05%

Volatility

NEXA vs. SPY - Volatility Comparison

Nexa Resources S.A. (NEXA) has a higher volatility of 22.51% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that NEXA'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

	NEXA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.51%	4.87%	+17.64%
Volatility (6M) Calculated over the trailing 6-month period	59.29%	9.85%	+49.44%
Volatility (1Y) Calculated over the trailing 1-year period	65.67%	12.50%	+53.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.62%	17.15%	+40.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.89%	17.95%	+41.94%

Dividends

NEXA vs. SPY - Dividend Comparison

NEXA has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NEXA Nexa Resources S.A.	0.00%	1.14%	0.00%	2.64%	6.26%	3.36%	3.92%	6.46%	5.04%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	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 NEXA and SPY in my portfolio?

NEXA and SPY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NEXA or SPY?

NEXA has higher volatility (22.51%) compared to SPY (4.87%). In terms of maximum drawdown, NEXA dropped -85.01% vs SPY's -55.19%.

Which has better risk-adjusted returns?

NEXA currently has the higher Sharpe Ratio (2.82 vs 1.90), 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.