BTT vs NZF: Correlation
BlackRock Municipal 2030 Target Term Trust (BTT) and Nuveen Municipal Credit Income Fund (NZF) show a strong relationship: their 3-year correlation of weekly returns is 0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTT and NZF?
Over the past 3 years, BTT and NZF moved with a correlation of 0.76, which is strong. The link has loosened recently: the 1-year correlation (0.60) runs below the 3-year figure (0.76). Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 58.3 %².
NZF is one of the assets that tracks BTT most closely: it ranks #2 out of the 13 assets we track against BTT. Over the last 12 months NZF came out ahead by 6.9 percentage points (+3.9% against +10.8%). One caveat on sizing: NZF is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 NZF: side by side
| BTT (BlackRock Municipal 2030 Target Term Trust) | NZF (Nuveen Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +3.9% | +10.8% |
| 5-year return | -1.1% | -4.1% |
| Volatility (ann.) | 6.6% | 11.6% |
| Beta vs S&P 500 | 0.17 | 0.30 |
| Max drawdown (3Y) | -6.5% | -12.4% |
| Market cap | $1.4B | $2.4B |
| P/E (trailing) | 16.4 | 13.5 |
| Dividend yield | 2.46% | 7.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTT | NZF |
|---|---|---|
| 2022 | -15.2% | -25.5% |
| 2023 | +0.7% | +2.5% |
| 2024 | +1.6% | +10.1% |
| 2025 | +13.7% | +11.8% |
| 2026 | +0.6% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTT and NZF good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BTT and NZF?
As of 2026-08-27, the correlation of weekly returns between BTT and NZF is 0.76 over 3 years, 0.60 over 1 year and 0.75 over 5 years.
Is NZF a good diversifier for BTT?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 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-nzf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/btt-vs-nzf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BTT correlations · NZF correlations
