NHI vs SPY: Correlation
National Health Investors, Inc. (NHI) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NHI and SPY?
Across a 3-year window, the weekly returns of NHI and SPY correlate at 0.15, weak. The past 12 months show a weaker link (-0.10) than the 3-year average (0.15). Stretching to 5 years gives 0.28, with an annualized covariance of 45.0 %².
Within NHI's tracked universe of 13 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 22.8 percentage points (-2.2% for NHI against +20.6% for SPY).
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.
NHI vs SPY: side by side
| NHI (National Health Investors, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.2% | +20.6% |
| 5-year return | +63.1% | +82.4% |
| Volatility (ann.) | 20.8% | 14.5% |
| Beta vs S&P 500 | 0.22 | 1.00 |
| Max drawdown (3Y) | -24.1% | -18.8% |
| Market cap | $3.6B | – |
| P/E (trailing) | 21.2 | – |
| Dividend yield | 5.01% | 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 | NHI | SPY |
|---|---|---|
| 2022 | -3.3% | -18.2% |
| 2023 | +14.6% | +26.2% |
| 2024 | +30.7% | +24.9% |
| 2025 | +15.7% | +17.7% |
| 2026 | -2.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NHI and SPY good diversifiers for each other?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NHI and SPY?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with -0.10 over the last year and 0.28 over 5 years.
Is SPY a good diversifier for NHI?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.15 mean?
On the −1 to +1 scale, 0.15 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: NHI correlations · SPY correlations
