NBXG vs SPY: Correlation
Measured on weekly returns over the past three years, Neuberger Next Generation Connectivity Fund Inc. (NBXG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBXG and SPY?
Across a 3-year window, the weekly returns of NBXG and SPY correlate at 0.83, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. Stretching to 5 years gives 0.81, with an annualized covariance of 267.0 %².
By 3-year correlation, SPY places #6 of the 31 assets tracked against NBXG. Over the last 12 months SPY came out ahead by 6.8 percentage points (+13.8% against +20.6%). Note the risk asymmetry: NBXG runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NBXG vs SPY: side by side
| NBXG (Neuberger Next Generation Connectivity Fund Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.8% | +20.6% |
| 5-year return | +25.6% | +82.4% |
| Volatility (ann.) | 22.4% | 14.5% |
| Beta vs S&P 500 | 1.28 | 1.00 |
| Max drawdown (3Y) | -22.1% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 3.4 | – |
| 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 | NBXG | SPY |
|---|---|---|
| 2022 | -41.4% | -18.2% |
| 2023 | +34.9% | +26.2% |
| 2024 | +28.5% | +24.9% |
| 2025 | +24.2% | +17.7% |
| 2026 | +13.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBXG and SPY good diversifiers for each other?
No. With a correlation of 0.83, NBXG and SPY move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between NBXG and SPY?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.75 over the last year and 0.81 over 5 years.
Is SPY a good diversifier for NBXG?
No. With a correlation of 0.83, NBXG and SPY move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.83 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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Hubs: NBXG correlations · SPY correlations
