NUV vs SPY: Correlation
Measured on weekly returns over the past three years, Nuveen Municipal Value Fund, Inc. (NUV) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUV and SPY?
On 3 years of weekly data the NUV/SPY correlation comes out at 0.31, moderate. Little has changed lately, as the 1-year reading of 0.25 lands near the 3-year figure. The 5-year figure is 0.46, and annualized covariance runs at 37.8 %².
Out of 13 assets tracked against NUV, SPY lands near the bottom at #9. The trailing year gives SPY the advantage: +8.1% versus +20.6%, a 12.5-point spread. Note the risk asymmetry: SPY runs 1.7 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.
NUV vs SPY: side by side
| NUV (Nuveen Municipal Value Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.1% | +20.6% |
| 5-year return | -6.9% | +82.4% |
| Volatility (ann.) | 8.4% | 14.5% |
| Beta vs S&P 500 | 0.18 | 1.00 |
| Max drawdown (3Y) | -6.4% | -18.8% |
| Market cap | $1.9B | – |
| P/E (trailing) | 17.6 | – |
| Dividend yield | 4.36% | 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 | NUV | SPY |
|---|---|---|
| 2022 | -14.0% | -18.2% |
| 2023 | +4.0% | +26.2% |
| 2024 | +4.0% | +24.9% |
| 2025 | +10.3% | +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 NUV 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 NUV and SPY?
As of 2026-08-27, the correlation of weekly returns between NUV and SPY is 0.31 over 3 years, 0.25 over 1 year and 0.46 over 5 years.
Is SPY a good diversifier for NUV?
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.
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Related comparisons
Hubs: NUV correlations · SPY correlations
