NREF vs SPY: Correlation
NexPoint Real Estate Finance, Inc. (NREF) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NREF and SPY?
On 3 years of weekly data the NREF/SPY correlation comes out at 0.32, moderate. Recent behaviour matches the longer record: 0.30 over 1 year against 0.32 over 3. The 5-year figure is 0.35, and annualized covariance runs at 132.2 %².
Among the 12 assets we track against NREF, SPY sits near the bottom by co-movement, at rank #8. On 12-month performance NREF holds a 11.4-point edge, +32.0% against +20.6%. Risk is not evenly split, since NREF carries 2.0 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.
NREF vs SPY: side by side
| NREF (NexPoint Real Estate Finance, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.0% | +20.6% |
| 5-year return | +54.2% | +82.4% |
| Volatility (ann.) | 28.5% | 14.5% |
| Beta vs S&P 500 | 0.63 | 1.00 |
| Max drawdown (3Y) | -24.0% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 11.63% | 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 | NREF | SPY |
|---|---|---|
| 2022 | -8.9% | -18.2% |
| 2023 | +17.4% | +26.2% |
| 2024 | +13.5% | +24.9% |
| 2025 | +2.3% | +17.7% |
| 2026 | +32.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NREF and SPY good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NREF and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.30 over the last year and 0.35 over 5 years.
Is SPY a good diversifier for NREF?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
A reading of 0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NREF correlations · SPY correlations
