DTF vs NUV: Correlation
Measured on weekly returns over the past three years, DTF Tax-Free Income 2028 Term Fund Inc. (DTF) and Nuveen Municipal Value Fund, Inc. (NUV) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DTF and NUV?
On 3 years of weekly data the DTF/NUV correlation comes out at 0.62, strong. The link has loosened recently: the 1-year correlation (0.40) runs below the 3-year figure (0.62). The 5-year figure is 0.63, and annualized covariance runs at 26.2 %².
Among the 10 assets we track against DTF, NUV ranks #5 by 3-year correlation. Neither side won the trailing year by much: +5.6% against +8.1%. Note the risk asymmetry: NUV runs 1.7 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.
DTF vs NUV: side by side
| DTF (DTF Tax-Free Income 2028 Term Fund Inc.) | NUV (Nuveen Municipal Value Fund, Inc.) | |
|---|---|---|
| 1-year return | +5.6% | +8.1% |
| 5-year return | -7.5% | -6.9% |
| Volatility (ann.) | 5.0% | 8.4% |
| Beta vs S&P 500 | 0.10 | 0.18 |
| Max drawdown (3Y) | -5.4% | -6.4% |
| Market cap | $0.1B | $1.9B |
| P/E (trailing) | 28.1 | 17.6 |
| Dividend yield | 3.37% | 4.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DTF | NUV |
|---|---|---|
| 2022 | -21.1% | -14.0% |
| 2023 | +2.2% | +4.0% |
| 2024 | +8.2% | +4.0% |
| 2025 | +5.4% | +10.3% |
| 2026 | +3.1% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DTF and NUV good diversifiers for each other?
Only partially. A correlation of 0.62 means DTF and NUV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between DTF and NUV?
As of 2026-08-27, the correlation of weekly returns between DTF and NUV is 0.62 over 3 years, 0.40 over 1 year and 0.63 over 5 years.
Is NUV a good diversifier for DTF?
Only partially. A correlation of 0.62 means DTF and NUV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
A reading of 0.62 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/dtf-vs-nuv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dtf-vs-nuv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DTF correlations · NUV correlations
