NIE vs SPY: Correlation
How closely do Virtus Equity & Convertible Income Fund (NIE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.90, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NIE and SPY?
Across a 3-year window, the weekly returns of NIE and SPY correlate at 0.90, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Stretching to 5 years gives 0.91, with an annualized covariance of 192.5 %².
In NIE's tracked universe of 21 assets, SPY sits right near the top at #2. Neither side won the trailing year by much: +16.8% 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.
NIE vs SPY: side by side
| NIE (Virtus Equity & Convertible Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.8% | +20.6% |
| 5-year return | +55.1% | +82.4% |
| Volatility (ann.) | 14.9% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -20.8% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 6.3 | – |
| 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 | NIE | SPY |
|---|---|---|
| 2022 | -26.7% | -18.2% |
| 2023 | +26.7% | +26.2% |
| 2024 | +28.6% | +24.9% |
| 2025 | +12.2% | +17.7% |
| 2026 | +9.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NIE and SPY good diversifiers for each other?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between NIE and SPY?
Using weekly returns as of 2026-08-27: 0.90 over 3 years, with 0.84 over the last year and 0.91 over 5 years.
Is SPY a good diversifier for NIE?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.90 mean?
On the −1 to +1 scale, 0.90 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: NIE correlations · SPY correlations
