NML vs SPY: Correlation
How closely do Neuberger Energy Infrastructure and Income Fund Inc. (NML) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NML and SPY?
Across a 3-year window, the weekly returns of NML and SPY correlate at 0.23, weak. Lately the two have drifted apart, with the 1-year correlation at -0.24 versus 0.23 over 3 years. Stretching to 5 years gives 0.41, with an annualized covariance of 72.3 %².
Among the 26 assets we track against NML, SPY sits near the bottom by co-movement, at rank #22. On 12-month performance NML holds a 10.1-point edge, +30.7% 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.
NML vs SPY: side by side
| NML (Neuberger Energy Infrastructure and Income Fund Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +30.7% | +20.6% |
| 5-year return | +220.1% | +82.4% |
| Volatility (ann.) | 21.3% | 14.5% |
| Beta vs S&P 500 | 0.35 | 1.00 |
| Max drawdown (3Y) | -16.9% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 4.3 | – |
| 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 | NML | SPY |
|---|---|---|
| 2022 | +32.8% | -18.2% |
| 2023 | +14.5% | +26.2% |
| 2024 | +40.5% | +24.9% |
| 2025 | +4.3% | +17.7% |
| 2026 | +29.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NML and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NML and SPY?
As of 2026-08-27, the correlation of weekly returns between NML and SPY is 0.23 over 3 years, -0.24 over 1 year and 0.41 over 5 years.
Is SPY a good diversifier for NML?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 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: NML correlations · SPY correlations
