NNN vs SPY: Correlation
How closely do NNN REIT, Inc. (NNN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNN and SPY?
Over the past 3 years, NNN and SPY moved with a correlation of 0.24, which is weak. The past 12 months show a weaker link (0.05) than the 3-year average (0.24). Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 65.3 %².
SPY is close to the least connected end of NNN's tracked universe, ranking #30 of 34. Over the last 12 months SPY came out ahead by 7.5 percentage points (+13.1% 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.
NNN vs SPY: side by side
| NNN (NNN REIT, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.1% | +20.6% |
| 5-year return | +25.1% | +82.4% |
| Volatility (ann.) | 18.8% | 14.5% |
| Beta vs S&P 500 | 0.31 | 1.00 |
| Max drawdown (3Y) | -22.0% | -18.8% |
| Market cap | $8.6B | – |
| P/E (trailing) | 22.3 | – |
| Dividend yield | 5.26% | 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 | NNN | SPY |
|---|---|---|
| 2022 | -0.0% | -18.2% |
| 2023 | -0.6% | +26.2% |
| 2024 | -0.1% | +24.9% |
| 2025 | +2.8% | +17.7% |
| 2026 | +19.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NNN and SPY?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.05 over the last year and 0.44 over 5 years.
Is SPY a good diversifier for NNN?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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: NNN correlations · SPY correlations
