JGH vs SPY: Correlation
Nuveen Global High Income Fund (JGH) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JGH and SPY?
Over the past 3 years, JGH and SPY moved with a correlation of 0.59, which is moderate. The past 12 months show a tighter link (0.72) than the 3-year average (0.59). Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 107.2 %².
By 3-year correlation, SPY places #7 of the 14 assets tracked against JGH. Correlation aside, the last 12 months split them widely, with SPY ahead by 19.3 points (+1.3% versus +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.
JGH vs SPY: side by side
| JGH (Nuveen Global High Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.3% | +20.6% |
| 5-year return | +26.7% | +82.4% |
| Volatility (ann.) | 12.7% | 14.5% |
| Beta vs S&P 500 | 0.51 | 1.00 |
| Max drawdown (3Y) | -13.7% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 10.5 | – |
| 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 | JGH | SPY |
|---|---|---|
| 2022 | -21.0% | -18.2% |
| 2023 | +20.9% | +26.2% |
| 2024 | +16.0% | +24.9% |
| 2025 | +8.2% | +17.7% |
| 2026 | +5.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JGH and SPY good diversifiers for each other?
Only partially. A correlation of 0.59 means JGH and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between JGH and SPY?
The JGH/SPY correlation stands at 0.59 on a 3-year window (1 year: 0.72, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for JGH?
Only partially. A correlation of 0.59 means JGH and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 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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Hubs: JGH correlations · SPY correlations
