BTT vs NEA: Correlation
Measured on weekly returns over the past three years, BlackRock Municipal 2030 Target Term Trust (BTT) and Nuveen AMT-Free Quality Municipal Income Fund (NEA) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTT and NEA?
On 3 years of weekly data the BTT/NEA correlation comes out at 0.77, strong. The past 12 months show a weaker link (0.63) than the 3-year average (0.77). The 5-year figure is 0.72, and annualized covariance runs at 55.0 %².
In BTT's tracked universe of 13 assets, NEA sits right near the top at #1. On 12-month performance NEA holds a 6.5-point edge, +3.9% against +10.4%. Risk is not evenly split, since NEA carries 1.7 times the volatility of the other side.
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.
BTT vs NEA: side by side
| BTT (BlackRock Municipal 2030 Target Term Trust) | NEA (Nuveen AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +3.9% | +10.4% |
| 5-year return | -1.1% | -4.4% |
| Volatility (ann.) | 6.6% | 10.9% |
| Beta vs S&P 500 | 0.17 | 0.28 |
| Max drawdown (3Y) | -6.5% | -11.3% |
| Market cap | $1.4B | $3.4B |
| P/E (trailing) | 16.4 | 14.5 |
| Dividend yield | 2.46% | 7.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTT | NEA |
|---|---|---|
| 2022 | -15.2% | -23.3% |
| 2023 | +0.7% | +0.8% |
| 2024 | +1.6% | +9.5% |
| 2025 | +13.7% | +11.3% |
| 2026 | +0.6% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTT and NEA good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BTT and NEA?
The BTT/NEA correlation stands at 0.77 on a 3-year window (1 year: 0.63, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is NEA a good diversifier for BTT?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 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/btt-vs-nea.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/btt-vs-nea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BTT correlations · NEA correlations
