JCE vs VOO: Correlation
How closely do Nuveen Core Equity Alpha Fund (JCE) and Vanguard S&P 500 ETF (VOO) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JCE and VOO?
Over the past 3 years, JCE and VOO moved with a correlation of 0.84, which is 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. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 190.5 %².
Among the 17 assets we track against JCE, VOO ranks #4 by 3-year correlation. Neither side won the trailing year by much: +18.1% against +20.6%.
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 VOO: side by side
| JCE (Nuveen Core Equity Alpha Fund) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +18.1% | +20.6% |
| 5-year return | +72.6% | +83.0% |
| Volatility (ann.) | 15.7% | 14.4% |
| Beta vs S&P 500 | 0.91 | 0.99 |
| Max drawdown (3Y) | -19.0% | -18.7% |
| Market cap | – | – |
| P/E (trailing) | 6.3 | – |
| Dividend yield | 0.00% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | US Listed | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | JCE | VOO |
|---|---|---|
| 2022 | -14.3% | -18.2% |
| 2023 | +10.7% | +26.3% |
| 2024 | +27.9% | +25.0% |
| 2025 | +9.1% | +17.8% |
| 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 VOO good diversifiers for each other?
No: a correlation of 0.84 means JCE and VOO tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between JCE and VOO?
The JCE/VOO correlation stands at 0.84 on a 3-year window (1 year: 0.91, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is VOO a good diversifier for JCE?
No: a correlation of 0.84 means JCE and VOO tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: JCE correlations · VOO correlations
