CEV vs NKX: Correlation
How closely do Eaton Vance California Municipal Income Trust Shares of (CEV) and Nuveen California AMT-Free Quality Municipal Income Fund (NKX) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEV and NKX?
Over the past 3 years, CEV and NKX moved with a correlation of 0.74, which is strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 115.1 %².
By 3-year correlation, NKX places #6 of the 12 assets tracked against CEV. The trailing year gives CEV the advantage: +19.0% versus +9.9%, a 9.1-point spread.
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.
CEV vs NKX: side by side
| CEV (Eaton Vance California Municipal Income Trust Shares of) | NKX (Nuveen California AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +19.0% | +9.9% |
| 5-year return | -1.8% | -2.1% |
| Volatility (ann.) | 10.9% | 14.1% |
| Beta vs S&P 500 | 0.23 | 0.28 |
| Max drawdown (3Y) | -12.4% | -13.9% |
| Market cap | $0.1B | $0.6B |
| P/E (trailing) | 10.2 | 28.1 |
| Dividend yield | 5.54% | 7.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CEV | NKX |
|---|---|---|
| 2022 | -22.7% | -18.4% |
| 2023 | +8.2% | -1.9% |
| 2024 | +2.3% | +16.5% |
| 2025 | +6.2% | +6.0% |
| 2026 | +10.2% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEV and NKX good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CEV and NKX?
As of 2026-08-27, the correlation of weekly returns between CEV and NKX is 0.74 over 3 years, 0.66 over 1 year and 0.73 over 5 years.
Is NKX a good diversifier for CEV?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
A reading of 0.74 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/cev-vs-nkx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cev-vs-nkx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CEV correlations · NKX correlations
