NNI vs SPY: Correlation
Measured on weekly returns over the past three years, Nelnet, Inc. (NNI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNI and SPY?
Over the past 3 years, NNI and SPY moved with a correlation of 0.39, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.14 versus 0.39 over 3 years. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 124.0 %².
Among the 17 assets we track against NNI, SPY ranks #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 20.8 points (-0.2% versus +20.6%). One caveat on sizing: NNI is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NNI vs SPY: side by side
| NNI (Nelnet, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.2% | +20.6% |
| 5-year return | +67.8% | +82.4% |
| Volatility (ann.) | 22.0% | 14.5% |
| Beta vs S&P 500 | 0.59 | 1.00 |
| Max drawdown (3Y) | -18.5% | -18.8% |
| Market cap | $4.6B | – |
| P/E (trailing) | 15.3 | – |
| Dividend yield | 1.01% | 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 | NNI | SPY |
|---|---|---|
| 2022 | -6.0% | -18.2% |
| 2023 | -1.6% | +26.2% |
| 2024 | +22.4% | +24.9% |
| 2025 | +25.7% | +17.7% |
| 2026 | -3.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NNI and SPY?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.14 over the last year and 0.46 over 5 years.
Is SPY a good diversifier for NNI?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 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: NNI correlations · SPY correlations
