NVG vs SPY: Correlation
Nuveen AMT-Free Municipal Credit Income Fund (NVG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVG and SPY?
On 3 years of weekly data the NVG/SPY correlation comes out at 0.35, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.35 over 3. The 5-year figure is 0.46, and annualized covariance runs at 66.0 %².
Out of 28 assets tracked against NVG, SPY lands near the bottom at #24. Over the last 12 months SPY came out ahead by 8.2 percentage points (+12.4% against +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.
NVG vs SPY: side by side
| NVG (Nuveen AMT-Free Municipal Credit Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.4% | +20.6% |
| 5-year return | -7.8% | +82.4% |
| Volatility (ann.) | 13.0% | 14.5% |
| Beta vs S&P 500 | 0.32 | 1.00 |
| Max drawdown (3Y) | -12.9% | -18.8% |
| Market cap | $2.7B | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 7.75% | 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 | NVG | SPY |
|---|---|---|
| 2022 | -28.5% | -18.2% |
| 2023 | +2.0% | +26.2% |
| 2024 | +10.8% | +24.9% |
| 2025 | +11.6% | +17.7% |
| 2026 | +1.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVG and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NVG and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.44 over the last year and 0.46 over 5 years.
Is SPY a good diversifier for NVG?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 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: NVG correlations · SPY correlations
