NBH vs SPY: Correlation
How closely do Neuberger Municipal Fund Inc. (NBH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBH and SPY?
Over the past 3 years, NBH and SPY moved with a correlation of 0.38, which is moderate. The past 12 months show a tighter link (0.54) than the 3-year average (0.38). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 62.1 %².
SPY is close to the least connected end of NBH's tracked universe, ranking #13 of 17. Over the last 12 months SPY came out ahead by 10.4 percentage points (+10.2% 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.
NBH vs SPY: side by side
| NBH (Neuberger Municipal Fund Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.2% | +20.6% |
| 5-year return | -21.0% | +82.4% |
| Volatility (ann.) | 11.4% | 14.5% |
| Beta vs S&P 500 | 0.30 | 1.00 |
| Max drawdown (3Y) | -11.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 14.6 | – |
| Dividend yield | 6.35% | 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 | NBH | SPY |
|---|---|---|
| 2022 | -28.2% | -18.2% |
| 2023 | +4.0% | +26.2% |
| 2024 | +5.3% | +24.9% |
| 2025 | +4.2% | +17.7% |
| 2026 | +4.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBH and SPY good diversifiers for each other?
Reasonably. At 0.38, NBH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NBH and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.54 over the last year and 0.41 over 5 years.
Is SPY a good diversifier for NBH?
Reasonably. At 0.38, NBH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 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: NBH correlations · SPY correlations
