NYC vs SPY: Correlation
How closely do American Strategic Investment Co. (NYC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NYC and SPY?
Over the past 3 years, NYC and SPY moved with a correlation of 0.14, which is weak. The past 12 months show a weaker link (0.02) than the 3-year average (0.14). Over 5 years the correlation is 0.10, and the annualized covariance of weekly returns is 117.5 %².
Out of 10 assets tracked against NYC, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 60.2 points (-39.6% versus +20.6%). Note the risk asymmetry: NYC runs 4.1 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.
NYC vs SPY: side by side
| NYC (American Strategic Investment Co.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -39.6% | +20.6% |
| 5-year return | -9.2% | +82.4% |
| Volatility (ann.) | 59.5% | 14.5% |
| Beta vs S&P 500 | 0.56 | 1.00 |
| Max drawdown (3Y) | -60.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 1.2 | – |
| Dividend yield | 0.00% | 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 | NYC | SPY |
|---|---|---|
| 2022 | -80.8% | -18.2% |
| 2023 | +350.3% | +26.2% |
| 2024 | +6.5% | +24.9% |
| 2025 | -2.4% | +17.7% |
| 2026 | -21.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NYC and SPY good diversifiers for each other?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NYC and SPY?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.02 over the last year and 0.10 over 5 years.
Is SPY a good diversifier for NYC?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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: NYC correlations · SPY correlations
