NEA vs SPY: Correlation
Nuveen AMT-Free Quality Municipal Income Fund (NEA) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and SPY?
On 3 years of weekly data the NEA/SPY correlation comes out at 0.38, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.55 versus 0.38 over 3 years. The 5-year figure is 0.51, and annualized covariance runs at 59.5 %².
Out of 36 assets tracked against NEA, SPY lands near the bottom at #32. The trailing year gives SPY the advantage: +10.4% versus +20.6%, a 10.2-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.
NEA vs SPY: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.4% | +20.6% |
| 5-year return | -4.4% | +82.4% |
| Volatility (ann.) | 10.9% | 14.5% |
| Beta vs S&P 500 | 0.28 | 1.00 |
| Max drawdown (3Y) | -11.3% | -18.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | 14.5 | – |
| Dividend yield | 7.70% | 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 | NEA | SPY |
|---|---|---|
| 2022 | -23.3% | -18.2% |
| 2023 | +0.8% | +26.2% |
| 2024 | +9.5% | +24.9% |
| 2025 | +11.3% | +17.7% |
| 2026 | +1.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NEA and SPY?
The NEA/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.55, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NEA?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 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: NEA correlations · SPY correlations
