BHV vs NMT: Correlation
How closely do BlackRock Virginia Municipal Bond Trust (BHV) and Nuveen Massachusetts Quality Municipal Income Fund (NMT) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHV and NMT?
Across a 3-year window, the weekly returns of BHV and NMT correlate at 0.61, strong. The past 12 months show a weaker link (0.45) than the 3-year average (0.61). Stretching to 5 years gives 0.41, with an annualized covariance of 74.8 %².
Few assets follow BHV as closely as NMT, which ranks #2 of 10 tracked partners. On 12-month performance BHV holds a 11.7-point edge, +31.5% against +19.8%.
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.
BHV vs NMT: side by side
| BHV (BlackRock Virginia Municipal Bond Trust) | NMT (Nuveen Massachusetts Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +31.5% | +19.8% |
| 5-year return | -16.7% | +6.8% |
| Volatility (ann.) | 12.5% | 9.8% |
| Beta vs S&P 500 | 0.20 | 0.20 |
| Max drawdown (3Y) | -11.5% | -9.6% |
| Market cap | – | – |
| P/E (trailing) | – | 12.2 |
| Dividend yield | 4.82% | 6.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHV | NMT |
|---|---|---|
| 2022 | -36.1% | -30.4% |
| 2023 | -1.0% | +2.6% |
| 2024 | +6.0% | +16.3% |
| 2025 | +0.8% | +5.8% |
| 2026 | +24.4% | +15.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHV and NMT good diversifiers for each other?
Only partially. A correlation of 0.61 means BHV and NMT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BHV and NMT?
As of 2026-08-27, the correlation of weekly returns between BHV and NMT is 0.61 over 3 years, 0.45 over 1 year and 0.41 over 5 years.
Is NMT a good diversifier for BHV?
Only partially. A correlation of 0.61 means BHV and NMT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bhv-vs-nmt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bhv-vs-nmt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BHV correlations · NMT correlations
