NAC vs SPY: Correlation
How closely do Nuveen California Quality Municipal Income Fund (NAC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAC and SPY?
Over the past 3 years, NAC and SPY moved with a correlation of 0.29, which is weak. The past 12 months show a tighter link (0.50) than the 3-year average (0.29). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 43.2 %².
SPY is close to the least connected end of NAC's tracked universe, ranking #11 of 15. On 12-month performance SPY holds a 7.8-point edge, +12.8% 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.
NAC vs SPY: side by side
| NAC (Nuveen California Quality Municipal Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.8% | +20.6% |
| 5-year return | -0.8% | +82.4% |
| Volatility (ann.) | 10.5% | 14.5% |
| Beta vs S&P 500 | 0.21 | 1.00 |
| Max drawdown (3Y) | -9.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 7.63% | 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 | NAC | SPY |
|---|---|---|
| 2022 | -25.6% | -18.2% |
| 2023 | +4.5% | +26.2% |
| 2024 | +8.7% | +24.9% |
| 2025 | +13.1% | +17.7% |
| 2026 | +4.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAC and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NAC and SPY?
As of 2026-08-27, the correlation of weekly returns between NAC and SPY is 0.29 over 3 years, 0.50 over 1 year and 0.39 over 5 years.
Is SPY a good diversifier for NAC?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
A reading of 0.29 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: NAC correlations · SPY correlations
