DFDV vs NPV: Correlation
Measured on weekly returns over the past three years, DeFi Development Corp. (DFDV) and Nuveen Virginia Quality Municipal Income Fund (NPV) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFDV and NPV?
On 3 years of weekly data the DFDV/NPV correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.13) runs above the 3-year figure (-0.34). The 5-year figure is n/a, and annualized covariance runs at -2772.5 %².
NPV is close to the least connected end of DFDV's tracked universe, ranking #56 of 60. Their recent paths diverged sharply: over the last 12 months NPV outperformed by 65.7 percentage points (-65.4% for DFDV against +0.3% for NPV). Note the risk asymmetry: DFDV runs 58.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NPV: side by side
| DFDV (DeFi Development Corp.) | NPV (Nuveen Virginia Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | -65.4% | +0.3% |
| 5-year return | n/a | -20.8% |
| Volatility (ann.) | 693.3% | 11.9% |
| Beta vs S&P 500 | 12.24 | 0.23 |
| Max drawdown (3Y) | -94.2% | -18.3% |
| Market cap | $0.2B | $0.2B |
| P/E (trailing) | – | 9.3 |
| Dividend yield | 0.00% | 8.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFDV | NPV |
|---|---|---|
| 2022 | – | -31.5% |
| 2023 | – | +0.4% |
| 2024 | -41.1% | +24.6% |
| 2025 | +628.1% | -5.9% |
| 2026 | +4.6% | -0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFDV and NPV good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DFDV and NPV?
The DFDV/NPV correlation stands at -0.34 on a 3-year window (1 year: 0.13, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is NPV a good diversifier for DFDV?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 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/dfdv-vs-npv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dfdv-vs-npv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DFDV correlations · NPV correlations
