BBN vs NZF: Correlation
Measured on weekly returns over the past three years, BlackRock Taxable Municipal Bond Trust (BBN) and Nuveen Municipal Credit Income Fund (NZF) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBN and NZF?
On 3 years of weekly data the BBN/NZF correlation comes out at 0.74, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. The 5-year figure is 0.60, and annualized covariance runs at 105.3 %².
Within BBN's tracked universe of 18 assets, NZF comes in at #5 by 3-year correlation. Over the last 12 months NZF came out ahead by 6.4 percentage points (+4.4% against +10.8%).
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.
BBN vs NZF: side by side
| BBN (BlackRock Taxable Municipal Bond Trust) | NZF (Nuveen Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +4.4% | +10.8% |
| 5-year return | -14.4% | -4.1% |
| Volatility (ann.) | 12.3% | 11.6% |
| Beta vs S&P 500 | 0.26 | 0.30 |
| Max drawdown (3Y) | -11.8% | -12.4% |
| Market cap | $1.0B | $2.4B |
| P/E (trailing) | 12.5 | 13.5 |
| Dividend yield | 0.00% | 7.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBN | NZF |
|---|---|---|
| 2022 | -31.0% | -25.5% |
| 2023 | +3.6% | +2.5% |
| 2024 | +6.0% | +10.1% |
| 2025 | +8.6% | +11.8% |
| 2026 | +2.3% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBN and NZF good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BBN and NZF?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.65 over the last year and 0.60 over 5 years.
Is NZF a good diversifier for BBN?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
On the −1 to +1 scale, 0.74 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bbn-vs-nzf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bbn-vs-nzf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BBN correlations · NZF correlations
