NRK vs SPY: Correlation
Measured on weekly returns over the past three years, Nuveen New York AMT-Free Quality Municipal Income Fund (NRK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRK and SPY?
Over the past 3 years, NRK and SPY moved with a correlation of 0.37, which is moderate. The past 12 months show a tighter link (0.50) than the 3-year average (0.37). Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 57.1 %².
Among the 14 assets we track against NRK, SPY ranks #9 by 3-year correlation. Their 12-month results are close: +17.4% for NRK against +20.6% for SPY.
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.
NRK vs SPY: side by side
| NRK (Nuveen New York AMT-Free Quality Municipal Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +17.4% | +20.6% |
| 5-year return | -2.0% | +82.4% |
| Volatility (ann.) | 10.7% | 14.5% |
| Beta vs S&P 500 | 0.27 | 1.00 |
| Max drawdown (3Y) | -11.5% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 32.1 | – |
| Dividend yield | 8.15% | 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 | NRK | SPY |
|---|---|---|
| 2022 | -21.8% | -18.2% |
| 2023 | +7.1% | +26.2% |
| 2024 | +5.9% | +24.9% |
| 2025 | +4.7% | +17.7% |
| 2026 | +7.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRK and SPY good diversifiers for each other?
Reasonably. At 0.37, NRK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NRK and SPY?
As of 2026-08-27, the correlation of weekly returns between NRK and SPY is 0.37 over 3 years, 0.50 over 1 year and 0.47 over 5 years.
Is SPY a good diversifier for NRK?
Reasonably. At 0.37, NRK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 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: NRK correlations · SPY correlations
