NMS vs SPY: Correlation
Measured on weekly returns over the past three years, Nuveen Minnesota Quality Municipal Income Fund (NMS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMS and SPY?
Over the past 3 years, NMS and SPY moved with a correlation of 0.28, which is weak. Recent behaviour matches the longer record: 0.30 over 1 year against 0.28 over 3. Over 5 years the correlation is 0.19, and the annualized covariance of weekly returns is 48.0 %².
SPY is close to the least connected end of NMS's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with SPY ahead by 16.5 points (+4.1% versus +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.
NMS vs SPY: side by side
| NMS (Nuveen Minnesota Quality Municipal Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.1% | +20.6% |
| 5-year return | -9.9% | +82.4% |
| Volatility (ann.) | 11.7% | 14.5% |
| Beta vs S&P 500 | 0.23 | 1.00 |
| Max drawdown (3Y) | -12.8% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.5 | – |
| 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 | NMS | SPY |
|---|---|---|
| 2022 | -21.9% | -18.2% |
| 2023 | +1.6% | +26.2% |
| 2024 | +19.6% | +24.9% |
| 2025 | +2.2% | +17.7% |
| 2026 | -2.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMS and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NMS and SPY?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.30 over the last year and 0.19 over 5 years.
Is SPY a good diversifier for NMS?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 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: NMS correlations · SPY correlations
