NPCT vs SPY: Correlation
How closely do Nuveen Core Plus Impact Fund (NPCT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NPCT and SPY?
On 3 years of weekly data the NPCT/SPY correlation comes out at 0.47, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.63 versus 0.47 over 3 years. The 5-year figure is 0.54, and annualized covariance runs at 78.5 %².
SPY is close to the least connected end of NPCT's tracked universe, ranking #13 of 17. Correlation aside, the last 12 months split them widely, with SPY ahead by 20.9 points (-0.3% 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.
NPCT vs SPY: side by side
| NPCT (Nuveen Core Plus Impact Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.3% | +20.6% |
| 5-year return | -14.4% | +82.4% |
| Volatility (ann.) | 11.7% | 14.5% |
| Beta vs S&P 500 | 0.38 | 1.00 |
| Max drawdown (3Y) | -10.8% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 10.7 | – |
| 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 | NPCT | SPY |
|---|---|---|
| 2022 | -37.5% | -18.2% |
| 2023 | +7.8% | +26.2% |
| 2024 | +17.3% | +24.9% |
| 2025 | +9.9% | +17.7% |
| 2026 | +2.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NPCT and SPY good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NPCT and SPY?
As of 2026-08-27, the correlation of weekly returns between NPCT and SPY is 0.47 over 3 years, 0.63 over 1 year and 0.54 over 5 years.
Is SPY a good diversifier for NPCT?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 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: NPCT correlations · SPY correlations
