NCA vs SPY: Correlation
Nuveen California Municipal Value Fund (NCA) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCA and SPY?
Over the past 3 years, NCA and SPY moved with a correlation of 0.35, which is moderate. Little has changed lately, as the 1-year reading of 0.37 lands near the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 61.7 %².
SPY is close to the least connected end of NCA's tracked universe, ranking #6 of 10. Over the last 12 months SPY came out ahead by 9.1 percentage points (+11.5% 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.
NCA vs SPY: side by side
| NCA (Nuveen California Municipal Value Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.5% | +20.6% |
| 5-year return | +2.8% | +82.4% |
| Volatility (ann.) | 12.3% | 14.5% |
| Beta vs S&P 500 | 0.30 | 1.00 |
| Max drawdown (3Y) | -10.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 25.9 | – |
| Dividend yield | 3.83% | 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 | NCA | SPY |
|---|---|---|
| 2022 | -13.5% | -18.2% |
| 2023 | +10.4% | +26.2% |
| 2024 | -1.9% | +24.9% |
| 2025 | +10.3% | +17.7% |
| 2026 | +4.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCA 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 NCA and SPY?
The NCA/SPY correlation stands at 0.35 on a 3-year window (1 year: 0.37, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NCA?
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?
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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Related comparisons
Hubs: NCA correlations · SPY correlations
