NGVC vs. SPY

Last updated Aug 1, 2026

NGVC (Natural Grocers by Vitamin Cottage, 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, NGVC returned 13.50%/yr vs 15.07%/yr for SPY. Their 0.25 correlation means their historical movements had little consistent relationship.

Performance

NGVC vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Natural Grocers by Vitamin Cottage, Inc. (NGVC) 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, NGVC achieves a 29.38% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, NGVC has underperformed SPY with an annualized return of 13.50%, while SPY has yielded a comparatively higher 15.07% annualized return.

NGVC

• 1D: -0.37%
• 1M: -1.66%
• 6M: 18.63%
• YTD: 29.38%
• 1Y: -14.59%
• 3Y*: 42.75%
• 5Y*: 27.84%
• 10Y*: 13.50%
• ALL TIME*: 6.81%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NGVC Natural Grocers by Vitamin Cottage, Inc.	$3.37M	$3.34M	$3.93M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

NGVC vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGVC Natural Grocers by Vitamin Cottage, Inc.	29.38%	-36.07%	152.51%	91.83%	-34.02%	6.24%	62.34%	-35.12%	71.67%	-24.89%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between NGVC and SPY is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.02
Correlation (3Y) Balances recent behavior with more history.	0.21
Correlation (5Y) Shows whether the relationship held over a longer period.	0.25
Correlation (10Y) Provides a long-term view across more market conditions.	0.23
Correlation (All Time) Calculated using the full available price history since Jul 25, 2012	0.25

Over the past year, the correlation between NGVC and SPY has dropped to 0.02 - well below their long-term average of 0.25, suggesting their price drivers have been diverging.

Return for Risk

NGVC vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NGVC

NGVC Risk / Return Rank: 30
NGVC Sharpe Ratio Rank: 29
NGVC Sortino Ratio Rank: 27
NGVC Omega Ratio Rank: 27
NGVC Calmar Ratio Rank: 33
NGVC Martin Ratio Rank: 35

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NGVC vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Natural Grocers by Vitamin Cottage, Inc. (NGVC) 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.

	NGVC	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	1.52	-1.87
Sortino ratio: Return per unit of downside risk	-0.24	2.11	-2.35
Omega ratio: Gain probability vs. loss probability	0.97	1.27	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.33	2.20	-2.53
Martin ratio: Return relative to average drawdown	-0.50	9.40	-9.90

NGVC vs. SPY - Sharpe Ratio Comparison

The current NGVC Sharpe Ratio is -0.35, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of NGVC 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

NGVC vs. SPY - Drawdown Comparison

The maximum NGVC drawdown since its inception was -89.04%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NGVC and SPY.

Drawdown Indicators

	NGVC	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-89.04%	-55.19%	-33.85%
Max Drawdown (1Y) Largest decline over 1 year	-41.80%	-8.88%	-32.92%
Max Drawdown (3Y) Largest decline over 3 years	-59.87%	-18.76%	-41.11%
Max Drawdown (5Y) Largest decline over 5 years	-63.34%	-24.50%	-38.84%
Max Drawdown (10Y) Largest decline over 10 years	-73.77%	-33.72%	-40.05%
Current Drawdown Current decline from peak	-45.15%	-1.40%	-43.75%
Average Drawdown Average peak-to-trough decline	-52.49%	-9.01%	-43.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.35%	2.08%	+25.27%

Volatility

NGVC vs. SPY - Volatility Comparison

Natural Grocers by Vitamin Cottage, Inc. (NGVC) has a higher volatility of 12.05% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that NGVC'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

	NGVC	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.05%	3.58%	+8.47%
Volatility (6M) Calculated over the trailing 6-month period	26.17%	10.14%	+16.03%
Volatility (1Y) Calculated over the trailing 1-year period	39.73%	12.89%	+26.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.18%	17.18%	+31.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.68%	17.95%	+37.73%

Dividends

NGVC vs. SPY - Dividend Comparison

NGVC's dividend yield for the trailing twelve months is around 1.78%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NGVC Natural Grocers by Vitamin Cottage, Inc.	1.78%	2.04%	1.06%	8.75%	4.38%	2.18%	16.59%	0.71%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	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 NGVC and SPY in my portfolio?

NGVC and SPY have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NGVC or SPY?

NGVC has higher volatility (12.05%) compared to SPY (3.58%). In terms of maximum drawdown, NGVC dropped -89.04% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs -0.35), 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.