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The NYSE Composite Index (NYA) is the principal stock index that tracks all the common stocks traded on the New York Stock Exchange. This encompasses over 2,000 companies and makes the NYSE Composite Index a useful indicator for the US economy.
This page will give you all the information you need to know about the NYA index: a brief look at its history, details as to have the stocks it tracks are selected, and information about how you can invest in the index’s performance.
The NYSE Composite Index’s base date was December 31st 1965, at which point it was calculated at 50 index points. A new methodology came into effect as the NYA was reintroduced in 2003, with the index given a base value of 5,000 on December 31st 2002. This revising of the exchange was done with the aim of making it a more efficient indicator of not just the US but the global markets. At this point, the NYSE Composite Index started being calculated by Dow Jones Indexes and stopped including certain financial instruments such as derivatives and limited partnerships.
The NYSE Composite Index outperformed prominent indices such as the S&P 500 and Dow Jones Industrial Average in the early 2000s before being hit hard by the market crash of 2007-08. The index responded strongly coming out of the crisis, however, and to-date its all-time high stands at 14,183.20 achieved on 17th January 2020. The NYA held steady around this level for a while before global markets plummeted in February 2020 due to the coronavirus pandemic.
The NYA is a composite index that tracks all the commonly traded stocks on the New York Stock Exchange. This means it follows the performance of over 2,000 stocks – just under a quarter of which are of companies not based in the US.
While you cannot invest in indices directly, there are a variety of tools you can use to invest in a way that follows their performance. The most common ways of investing in the NYSE Composite Index are ETFs and mutual funds. An ETF is an ‘exchange-traded fund’ which gives you a diversified investment covering the stocks tracked by the NYA index, and can be traded on an exchange at any time during trading hours.
Mutual funds pool investors’ money with a fund manager directing investments to generate profits for everyone putting money into the fund. An NYA mutual fund (also known as an NYA index fund) also gives a diversified investment into the performance of the NYSE Composite Index, but unlike ETFs mutual funds can only be bought or sold at the end of each trading day. If you’re looking to trade rather than buy and hold for the long term, it’s generally better to use an ETF.