NZF vs SPY: Correlation
Measured on weekly returns over the past three years, Nuveen Municipal Credit Income Fund (NZF) 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 NZF and SPY?
On 3 years of weekly data the NZF/SPY correlation comes out at 0.37, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 63.0 %².
SPY is close to the least connected end of NZF's tracked universe, ranking #21 of 25. Over the last 12 months SPY came out ahead by 9.8 percentage points (+10.8% 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.
NZF vs SPY: side by side
| NZF (Nuveen Municipal Credit Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.8% | +20.6% |
| 5-year return | -4.1% | +82.4% |
| Volatility (ann.) | 11.6% | 14.5% |
| Beta vs S&P 500 | 0.30 | 1.00 |
| Max drawdown (3Y) | -12.4% | -18.8% |
| Market cap | $2.4B | – |
| P/E (trailing) | 13.5 | – |
| Dividend yield | 7.80% | 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 | NZF | SPY |
|---|---|---|
| 2022 | -25.5% | -18.2% |
| 2023 | +2.5% | +26.2% |
| 2024 | +10.1% | +24.9% |
| 2025 | +11.8% | +17.7% |
| 2026 | +2.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NZF and SPY good diversifiers for each other?
Reasonably. At 0.37, NZF and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NZF and SPY?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.44 over the last year and 0.48 over 5 years.
Is SPY a good diversifier for NZF?
Reasonably. At 0.37, NZF 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: NZF correlations · SPY correlations
