BMN vs NEA: Correlation
BlackRock 2037 Municipal Target Term Trust (BMN) and Nuveen AMT-Free Quality Municipal Income Fund (NEA) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMN and NEA?
On 3 years of weekly data the BMN/NEA correlation comes out at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. The 5-year figure is 0.46, and annualized covariance runs at 52.8 %².
By 3-year correlation, NEA places #4 of the 10 assets tracked against BMN. Their 12-month results are close: +10.9% for BMN against +10.4% for NEA.
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.
BMN vs NEA: side by side
| BMN (BlackRock 2037 Municipal Target Term Trust) | NEA (Nuveen AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.9% | +10.4% |
| 5-year return | n/a | -4.4% |
| Volatility (ann.) | 9.4% | 10.9% |
| Beta vs S&P 500 | 0.18 | 0.28 |
| Max drawdown (3Y) | -9.3% | -11.3% |
| Market cap | $0.2B | $3.4B |
| P/E (trailing) | 22.7 | 14.5 |
| Dividend yield | 0.00% | 7.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMN | NEA |
|---|---|---|
| 2022 | – | -23.3% |
| 2023 | +1.9% | +0.8% |
| 2024 | +12.7% | +9.5% |
| 2025 | +5.5% | +11.3% |
| 2026 | +4.2% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMN and NEA good diversifiers for each other?
Only partially. A correlation of 0.52 means BMN and NEA 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 BMN and NEA?
The BMN/NEA correlation stands at 0.52 on a 3-year window (1 year: 0.43, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is NEA a good diversifier for BMN?
Only partially. A correlation of 0.52 means BMN and NEA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
A reading of 0.52 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bmn-vs-nea.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bmn-vs-nea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BMN correlations · NEA correlations
