NMAI vs SPY: Correlation
How closely do Nuveen Multi-Asset Income Fund (NMAI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMAI and SPY?
On 3 years of weekly data the NMAI/SPY correlation comes out at 0.69, strong. Recent behaviour matches the longer record: 0.74 over 1 year against 0.69 over 3. The 5-year figure is 0.73, and annualized covariance runs at 142.3 %².
Within NMAI's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. Their 12-month results are close: +25.5% for NMAI 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.
NMAI vs SPY: side by side
| NMAI (Nuveen Multi-Asset Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.5% | +20.6% |
| 5-year return | +36.4% | +82.4% |
| Volatility (ann.) | 14.2% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -13.0% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 5.9 | – |
| 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 | NMAI | SPY |
|---|---|---|
| 2022 | -26.4% | -18.2% |
| 2023 | +19.5% | +26.2% |
| 2024 | +11.7% | +24.9% |
| 2025 | +20.0% | +17.7% |
| 2026 | +17.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMAI and SPY good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NMAI and SPY?
As of 2026-08-27, the correlation of weekly returns between NMAI and SPY is 0.69 over 3 years, 0.74 over 1 year and 0.73 over 5 years.
Is SPY a good diversifier for NMAI?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 mean?
A reading of 0.69 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NMAI correlations · SPY correlations
