NXRT vs SPY: Correlation
Measured on weekly returns over the past three years, NexPoint Residential Trust, Inc. (NXRT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXRT and SPY?
On 3 years of weekly data the NXRT/SPY correlation comes out at 0.41, moderate. The past 12 months show a weaker link (0.23) than the 3-year average (0.41). The 5-year figure is 0.46, and annualized covariance runs at 173.8 %².
Among the 17 assets we track against NXRT, SPY sits near the bottom by co-movement, at rank #13. Correlation aside, the last 12 months split them widely, with SPY ahead by 45.5 points (-24.9% versus +20.6%). Risk is not evenly split, since NXRT 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.
NXRT vs SPY: side by side
| NXRT (NexPoint Residential Trust, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -24.9% | +20.6% |
| 5-year return | -54.1% | +82.4% |
| Volatility (ann.) | 29.2% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -45.0% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 8.67% | 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 | NXRT | SPY |
|---|---|---|
| 2022 | -46.7% | -18.2% |
| 2023 | -17.3% | +26.2% |
| 2024 | +27.3% | +24.9% |
| 2025 | -23.3% | +17.7% |
| 2026 | -18.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXRT and SPY good diversifiers for each other?
Reasonably. At 0.41, NXRT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NXRT and SPY?
As of 2026-08-27, the correlation of weekly returns between NXRT and SPY is 0.41 over 3 years, 0.23 over 1 year and 0.46 over 5 years.
Is SPY a good diversifier for NXRT?
Reasonably. At 0.41, NXRT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 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: NXRT correlations · SPY correlations
