NRP vs. SPY
NRP (Natural Resource Partners L.P.) 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, NRP returned 21.07%/yr vs 15.09%/yr for SPY. Their 0.27 correlation means their historical movements had little consistent relationship.
Performance
NRP vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, NRP achieves a -6.31% return, which is significantly lower than SPY's 11.70% return. Over the past 10 years, NRP has outperformed SPY with an annualized return of 21.07%, while SPY has yielded a comparatively lower 15.09% annualized return.
NRP
- 1D
- -1.64%
- 1M
- -2.68%
- 6M
- -14.57%
- YTD
- -6.31%
- 1Y
- -3.34%
- 3Y*
- 17.67%
- 5Y*
- 43.81%
- 10Y*
- 21.07%
- ALL TIME*
- 7.45%
SPY
- 1D
- 1.42%
- 1M
- 1.73%
- 6M
- 9.53%
- YTD
- 11.70%
- 1Y
- 23.22%
- 3Y*
- 20.74%
- 5Y*
- 13.05%
- 10Y*
- 15.09%
- ALL TIME*
- 10.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.46M | $4.18M | $5.40M | |
| $38.19B | $36.17B | $39.59B |
NRP vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NRP Natural Resource Partners L.P. | -6.31% | -1.93% | 27.43% | 87.03% | 72.85% | 164.73% | -25.28% | -43.26% | 55.86% | -14.50% |
SPY State Street SPDR S&P 500 ETF | 11.70% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between NRP 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. | 0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.18 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.18 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2002 | 0.27 |
The correlation between NRP and SPY shifts across timeframes, from -0.02 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NRP vs. SPY — Risk / Return Rank
NRP
SPY
NRP vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Natural Resource Partners L.P. (NRP) 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.
| NRP | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -2.63 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.32 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.15 | 2.62 | -2.77 |
| Martin ratioReturn relative to average drawdown | -0.35 | 11.20 | -11.54 |
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Drawdowns
NRP vs. SPY - Drawdown Comparison
The maximum NRP drawdown since its inception was -97.11%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NRP and SPY.
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Drawdown Indicators
| NRP | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.11% | -55.19% | -41.92% |
Max Drawdown (1Y)Largest decline over 1 year | -22.90% | -8.88% | -14.02% |
Max Drawdown (3Y)Largest decline over 3 years | -22.90% | -18.76% | -4.14% |
Max Drawdown (5Y)Largest decline over 5 years | -25.24% | -24.50% | -0.74% |
Max Drawdown (10Y)Largest decline over 10 years | -78.75% | -33.72% | -45.03% |
Current DrawdownCurrent decline from peak | -22.54% | 0.00% | -22.54% |
Average DrawdownAverage peak-to-trough decline | -43.37% | -9.01% | -34.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.57% | 2.08% | +7.49% |
Volatility
NRP vs. SPY - Volatility Comparison
Natural Resource Partners L.P. (NRP) has a higher volatility of 4.29% compared to State Street SPDR S&P 500 ETF (SPY) at 3.84%. This indicates that NRP'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.
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Volatility by Period
| NRP | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.29% | 3.84% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 14.54% | 10.23% | +4.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.11% | 12.87% | +6.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.43% | 17.19% | +17.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.05% | 17.96% | +22.09% |
Dividends
NRP vs. SPY - Dividend Comparison
NRP's dividend yield for the trailing twelve months is around 3.23%, more than SPY's 0.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NRP Natural Resource Partners L.P. | 3.23% | 4.03% | 4.90% | 5.87% | 4.97% | 5.39% | 9.82% | 13.18% | 4.71% | 6.92% | 5.57% | 45.28% |
SPY State Street SPDR S&P 500 ETF | 0.99% | 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
NRP 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.
NRP has higher volatility (4.29%) compared to SPY (3.84%). In terms of maximum drawdown, NRP dropped -97.11% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.82 vs -0.18), 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.
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