NMI vs SPY: Correlation
Measured on weekly returns over the past three years, Nuveen Municipal Income Fund, Inc. (NMI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMI and SPY?
Over the past 3 years, NMI and SPY moved with a correlation of 0.22, which is weak. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 41.0 %².
Within NMI's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. On 12-month performance SPY holds a 9.2-point edge, +11.4% 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.
NMI vs SPY: side by side
| NMI (Nuveen Municipal Income Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.4% | +20.6% |
| 5-year return | +8.0% | +82.4% |
| Volatility (ann.) | 12.7% | 14.5% |
| Beta vs S&P 500 | 0.20 | 1.00 |
| Max drawdown (3Y) | -11.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 18.2 | – |
| Dividend yield | 4.38% | 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 | NMI | SPY |
|---|---|---|
| 2022 | -15.0% | -18.2% |
| 2023 | +1.9% | +26.2% |
| 2024 | +7.0% | +24.9% |
| 2025 | +10.5% | +17.7% |
| 2026 | +7.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMI and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NMI and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.30 over the last year and 0.24 over 5 years.
Is SPY a good diversifier for NMI?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 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: NMI correlations · SPY correlations
