JCE vs SPY: Correlation
Measured on weekly returns over the past three years, Nuveen Core Equity Alpha Fund (JCE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JCE and SPY?
On 3 years of weekly data the JCE/SPY correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.91) sits close to the 3-year figure. The 5-year figure is 0.61, and annualized covariance runs at 191.0 %².
Few assets follow JCE as closely as SPY, which ranks #3 of 17 tracked partners. Their 12-month results are close: +18.1% for JCE against +20.6% for SPY.
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.
JCE vs SPY: side by side
| JCE (Nuveen Core Equity Alpha Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.1% | +20.6% |
| 5-year return | +72.6% | +82.4% |
| Volatility (ann.) | 15.7% | 14.5% |
| Beta vs S&P 500 | 0.91 | 1.00 |
| Max drawdown (3Y) | -19.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 6.3 | – |
| 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 | JCE | SPY |
|---|---|---|
| 2022 | -14.3% | -18.2% |
| 2023 | +10.7% | +26.2% |
| 2024 | +27.9% | +24.9% |
| 2025 | +9.1% | +17.7% |
| 2026 | +11.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JCE and SPY good diversifiers for each other?
No: a correlation of 0.84 means JCE and SPY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between JCE and SPY?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.91 over the last year and 0.61 over 5 years.
Is SPY a good diversifier for JCE?
No: a correlation of 0.84 means JCE and SPY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: JCE correlations · SPY correlations
