MEGI vs SPY: Correlation
How closely do NYLI CBRE Global Infrastructure Megatrends Term Fund (MEGI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MEGI and SPY?
Over the past 3 years, MEGI and SPY moved with a correlation of 0.36, which is moderate. Recent behaviour matches the longer record: 0.32 over 1 year against 0.36 over 3. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 101.7 %².
SPY is close to the least connected end of MEGI's tracked universe, ranking #25 of 29. Over the last 12 months SPY came out ahead by 5.9 percentage points (+14.7% 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.
MEGI vs SPY: side by side
| MEGI (NYLI CBRE Global Infrastructure Megatrends Term Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.7% | +20.6% |
| 5-year return | +20.7% | +82.4% |
| Volatility (ann.) | 19.4% | 14.5% |
| Beta vs S&P 500 | 0.49 | 1.00 |
| Max drawdown (3Y) | -17.4% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 4.9 | – |
| 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 | MEGI | SPY |
|---|---|---|
| 2022 | -23.3% | -18.2% |
| 2023 | +5.5% | +26.2% |
| 2024 | +5.2% | +24.9% |
| 2025 | +26.2% | +17.7% |
| 2026 | +16.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MEGI and SPY good diversifiers for each other?
Reasonably. At 0.36, MEGI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MEGI and SPY?
As of 2026-08-27, the correlation of weekly returns between MEGI and SPY is 0.36 over 3 years, 0.32 over 1 year and 0.51 over 5 years.
Is SPY a good diversifier for MEGI?
Reasonably. At 0.36, MEGI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 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: MEGI correlations · SPY correlations
