NAD vs SPY: Correlation
Measured on weekly returns over the past three years, Nuveen Quality Municipal Income Fund (NAD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAD and SPY?
On 3 years of weekly data the NAD/SPY correlation comes out at 0.35, moderate. The past 12 months show a tighter link (0.51) than the 3-year average (0.35). The 5-year figure is 0.48, and annualized covariance runs at 55.8 %².
Among the 26 assets we track against NAD, SPY sits near the bottom by co-movement, at rank #22. The trailing year gives SPY the advantage: +12.1% versus +20.6%, a 8.5-point spread.
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.
NAD vs SPY: side by side
| NAD (Nuveen Quality Municipal Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.1% | +20.6% |
| 5-year return | -2.4% | +82.4% |
| Volatility (ann.) | 11.0% | 14.5% |
| Beta vs S&P 500 | 0.27 | 1.00 |
| Max drawdown (3Y) | -11.7% | -18.8% |
| Market cap | $2.7B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 7.38% | 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 | NAD | SPY |
|---|---|---|
| 2022 | -22.8% | -18.2% |
| 2023 | +1.3% | +26.2% |
| 2024 | +8.8% | +24.9% |
| 2025 | +11.4% | +17.7% |
| 2026 | +2.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAD and SPY good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NAD and SPY?
As of 2026-08-27, the correlation of weekly returns between NAD and SPY is 0.35 over 3 years, 0.51 over 1 year and 0.48 over 5 years.
Is SPY a good diversifier for NAD?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
A reading of 0.35 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: NAD correlations · SPY correlations
