NNY vs SPY: Correlation
How closely do Nuveen New York Municipal Value Fund (NNY) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNY and SPY?
Over the past 3 years, NNY and SPY moved with a correlation of 0.31, which is moderate. The link has tightened recently: the 1-year correlation (0.52) runs above the 3-year figure (0.31). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 38.9 %².
Out of 10 assets tracked against NNY, SPY lands near the bottom at #6. The trailing year gives SPY the advantage: +6.0% versus +20.6%, a 14.6-point spread. Note the risk asymmetry: SPY runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NNY vs SPY: side by side
| NNY (Nuveen New York Municipal Value Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.0% | +20.6% |
| 5-year return | -2.8% | +82.4% |
| Volatility (ann.) | 8.8% | 14.5% |
| Beta vs S&P 500 | 0.19 | 1.00 |
| Max drawdown (3Y) | -8.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 25.5 | – |
| Dividend yield | 4.34% | 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 | NNY | SPY |
|---|---|---|
| 2022 | -13.4% | -18.2% |
| 2023 | +4.3% | +26.2% |
| 2024 | +1.2% | +24.9% |
| 2025 | +11.2% | +17.7% |
| 2026 | -1.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNY and SPY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NNY and SPY?
The NNY/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.52, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NNY?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nny-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nny-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NNY correlations · SPY correlations
