NAN vs SPY: Correlation
How closely do Nuveen New York Quality Municipal Income Fund (NAN) 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 NAN and SPY?
On 3 years of weekly data the NAN/SPY correlation comes out at 0.36, moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. The 5-year figure is 0.46, and annualized covariance runs at 53.5 %².
Among the 15 assets we track against NAN, SPY sits near the bottom by co-movement, at rank #11. Over the last 12 months SPY came out ahead by 12.4 percentage points (+8.2% 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.
NAN vs SPY: side by side
| NAN (Nuveen New York Quality Municipal Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.2% | +20.6% |
| 5-year return | -2.8% | +82.4% |
| Volatility (ann.) | 10.3% | 14.5% |
| Beta vs S&P 500 | 0.26 | 1.00 |
| Max drawdown (3Y) | -11.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 30.5 | – |
| Dividend yield | 7.90% | 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 | NAN | SPY |
|---|---|---|
| 2022 | -24.0% | -18.2% |
| 2023 | +8.2% | +26.2% |
| 2024 | +10.2% | +24.9% |
| 2025 | +6.6% | +17.7% |
| 2026 | +2.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAN and SPY good diversifiers for each other?
Reasonably. At 0.36, NAN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NAN and SPY?
As of 2026-08-27, the correlation of weekly returns between NAN and SPY is 0.36 over 3 years, 0.43 over 1 year and 0.46 over 5 years.
Is SPY a good diversifier for NAN?
Reasonably. At 0.36, NAN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 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: NAN correlations · SPY correlations
