BHV vs NPV: Correlation
BlackRock Virginia Municipal Bond Trust (BHV) and Nuveen Virginia Quality Municipal Income Fund (NPV) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHV and NPV?
Over the past 3 years, BHV and NPV moved with a correlation of 0.59, which is moderate. The link has loosened recently: the 1-year correlation (0.39) runs below the 3-year figure (0.59). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 87.9 %².
Within BHV's tracked universe of 10 assets, NPV comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BHV outperformed by 31.2 percentage points (+31.5% for BHV against +0.3% for NPV).
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 NPV: side by side
| BHV (BlackRock Virginia Municipal Bond Trust) | NPV (Nuveen Virginia Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +31.5% | +0.3% |
| 5-year return | -16.7% | -20.8% |
| Volatility (ann.) | 12.5% | 11.9% |
| Beta vs S&P 500 | 0.20 | 0.23 |
| Max drawdown (3Y) | -11.5% | -18.3% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 9.3 |
| Dividend yield | 4.82% | 8.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHV | NPV |
|---|---|---|
| 2022 | -36.1% | -31.5% |
| 2023 | -1.0% | +0.4% |
| 2024 | +6.0% | +24.6% |
| 2025 | +0.8% | -5.9% |
| 2026 | +24.4% | -0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHV and NPV good diversifiers for each other?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BHV and NPV?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.39 over the last year and 0.45 over 5 years.
Is NPV a good diversifier for BHV?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.59 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-npv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bhv-vs-npv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BHV correlations · NPV correlations
