DFDV vs NKX: Correlation
How closely do DeFi Development Corp. (DFDV) and Nuveen California AMT-Free Quality Municipal Income Fund (NKX) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFDV and NKX?
Over the past 3 years, DFDV and NKX moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.26 versus -0.30 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -2977.1 %².
By 3-year correlation, NKX places #43 of the 60 assets tracked against DFDV. The last year tells two different stories: NKX led by 75.3 percentage points, -65.4% for DFDV against +9.9% for NKX. One caveat on sizing: DFDV is 49.2 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.
DFDV vs NKX: side by side
| DFDV (DeFi Development Corp.) | NKX (Nuveen California AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | -65.4% | +9.9% |
| 5-year return | n/a | -2.1% |
| Volatility (ann.) | 693.3% | 14.1% |
| Beta vs S&P 500 | 12.24 | 0.28 |
| Max drawdown (3Y) | -94.2% | -13.9% |
| Market cap | $0.2B | $0.6B |
| P/E (trailing) | – | 28.1 |
| Dividend yield | 0.00% | 7.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFDV | NKX |
|---|---|---|
| 2022 | – | -18.4% |
| 2023 | – | -1.9% |
| 2024 | -41.1% | +16.5% |
| 2025 | +628.1% | +6.0% |
| 2026 | +4.6% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFDV and NKX good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DFDV and NKX?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with 0.26 over the last year and n/a over 5 years.
Is NKX a good diversifier for DFDV?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
A reading of -0.30 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/dfdv-vs-nkx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dfdv-vs-nkx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DFDV correlations · NKX correlations
