NNI vs SPYV: Correlation
How closely do Nelnet, Inc. (NNI) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNI and SPYV?
Across a 3-year window, the weekly returns of NNI and SPYV correlate at 0.54, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.54 over 3 years. Stretching to 5 years gives 0.54, with an annualized covariance of 142.8 %².
By 3-year correlation, SPYV places #4 of the 17 assets tracked against NNI. Their recent paths diverged sharply: over the last 12 months SPYV outperformed by 18.7 percentage points (-0.2% for NNI against +18.5% for SPYV). Risk is not evenly split, since NNI carries 1.8 times the volatility of the other side.
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 SPYV: side by side
| NNI (Nelnet, Inc.) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | -0.2% | +18.5% |
| 5-year return | +67.8% | +73.5% |
| Volatility (ann.) | 22.0% | 12.1% |
| Beta vs S&P 500 | 0.59 | 0.70 |
| Max drawdown (3Y) | -18.5% | -17.5% |
| Market cap | $4.6B | – |
| P/E (trailing) | 15.3 | – |
| Dividend yield | 1.01% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | US Listed | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | NNI | SPYV |
|---|---|---|
| 2022 | -6.0% | -5.3% |
| 2023 | -1.6% | +22.2% |
| 2024 | +22.4% | +12.2% |
| 2025 | +25.7% | +13.2% |
| 2026 | -3.7% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNI and SPYV good diversifiers for each other?
Only partially. A correlation of 0.54 means NNI and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NNI and SPYV?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.32 over the last year and 0.54 over 5 years.
Is SPYV a good diversifier for NNI?
Only partially. A correlation of 0.54 means NNI and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nni-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nni-vs-spyv/)
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Related comparisons
Hubs: NNI correlations · SPYV correlations
