EIM vs NAC: Correlation
Measured on weekly returns over the past three years, Eaton Vance Municipal Bond Fund (EIM) and Nuveen California Quality Municipal Income Fund (NAC) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EIM and NAC?
Across a 3-year window, the weekly returns of EIM and NAC correlate at 0.76, strong. The past 12 months show a weaker link (0.61) than the 3-year average (0.76). Stretching to 5 years gives 0.78, with an annualized covariance of 86.3 %².
In EIM's tracked universe of 11 assets, NAC sits right near the top at #3. Over the last 12 months NAC came out ahead by 7.9 percentage points (+4.9% against +12.8%).
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.
EIM vs NAC: side by side
| EIM (Eaton Vance Municipal Bond Fund) | NAC (Nuveen California Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +4.9% | +12.8% |
| 5-year return | -9.2% | -0.8% |
| Volatility (ann.) | 10.8% | 10.5% |
| Beta vs S&P 500 | 0.25 | 0.21 |
| Max drawdown (3Y) | -11.6% | -9.6% |
| Market cap | $0.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 6.30% | 7.63% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EIM | NAC |
|---|---|---|
| 2022 | -19.8% | -25.6% |
| 2023 | +1.6% | +4.5% |
| 2024 | +8.2% | +8.7% |
| 2025 | -0.1% | +13.1% |
| 2026 | +3.6% | +4.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EIM and NAC good diversifiers for each other?
Only partially. A correlation of 0.76 means EIM and NAC 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 EIM and NAC?
As of 2026-08-27, the correlation of weekly returns between EIM and NAC is 0.76 over 3 years, 0.61 over 1 year and 0.78 over 5 years.
Is NAC a good diversifier for EIM?
Only partially. A correlation of 0.76 means EIM and NAC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 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/eim-vs-nac.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eim-vs-nac/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EIM correlations · NAC correlations
