JRS vs SPY: Correlation
How closely do Nuveen Real Estate Income Fund (JRS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JRS and SPY?
On 3 years of weekly data the JRS/SPY correlation comes out at 0.54, moderate. The past 12 months show a weaker link (0.43) than the 3-year average (0.54). The 5-year figure is 0.65, and annualized covariance runs at 165.9 %².
Among the 49 assets we track against JRS, SPY ranks #40 by 3-year correlation. Over the last 12 months SPY came out ahead by 6.2 percentage points (+14.4% 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.
JRS vs SPY: side by side
| JRS (Nuveen Real Estate Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.4% | +20.6% |
| 5-year return | +13.5% | +82.4% |
| Volatility (ann.) | 21.1% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -25.3% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 8.00% | 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 | JRS | SPY |
|---|---|---|
| 2022 | -35.6% | -18.2% |
| 2023 | +13.4% | +26.2% |
| 2024 | +19.7% | +24.9% |
| 2025 | -3.4% | +17.7% |
| 2026 | +15.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JRS and SPY good diversifiers for each other?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between JRS and SPY?
As of 2026-08-27, the correlation of weekly returns between JRS and SPY is 0.54 over 3 years, 0.43 over 1 year and 0.65 over 5 years.
Is SPY a good diversifier for JRS?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.54 mean?
A reading of 0.54 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: JRS correlations · SPY correlations
