JRI vs SPY: Correlation
Measured on weekly returns over the past three years, Nuveen Real Asset Income and Growth Fund (JRI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JRI and SPY?
Across a 3-year window, the weekly returns of JRI and SPY correlate at 0.55, moderate. Recent behaviour matches the longer record: 0.53 over 1 year against 0.55 over 3. Stretching to 5 years gives 0.66, with an annualized covariance of 134.5 %².
By 3-year correlation, SPY places #9 of the 15 assets tracked against JRI. Correlation aside, the last 12 months split them widely, with SPY ahead by 15.3 points (+5.3% 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.
JRI vs SPY: side by side
| JRI (Nuveen Real Asset Income and Growth Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.3% | +20.6% |
| 5-year return | +31.7% | +82.4% |
| Volatility (ann.) | 17.0% | 14.5% |
| Beta vs S&P 500 | 0.64 | 1.00 |
| Max drawdown (3Y) | -13.7% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 7.0 | – |
| 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 | JRI | SPY |
|---|---|---|
| 2022 | -20.8% | -18.2% |
| 2023 | +10.1% | +26.2% |
| 2024 | +16.3% | +24.9% |
| 2025 | +26.8% | +17.7% |
| 2026 | -0.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JRI and SPY good diversifiers for each other?
Only partially. A correlation of 0.55 means JRI 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 JRI and SPY?
The JRI/SPY correlation stands at 0.55 on a 3-year window (1 year: 0.53, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for JRI?
Only partially. A correlation of 0.55 means JRI 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 0.55 mean?
On the −1 to +1 scale, 0.55 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: JRI correlations · SPY correlations
