EIM vs NAD: Correlation
How closely do Eaton Vance Municipal Bond Fund (EIM) and Nuveen Quality Municipal Income Fund (NAD) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EIM and NAD?
Across a 3-year window, the weekly returns of EIM and NAD correlate at 0.76, strong. Recent behaviour matches the longer record: 0.68 over 1 year against 0.76 over 3. Stretching to 5 years gives 0.82, with an annualized covariance of 90.1 %².
Among the 11 assets we track against EIM, NAD ranks #4 by 3-year correlation. On 12-month performance NAD holds a 7.2-point edge, +4.9% against +12.1%.
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 NAD: side by side
| EIM (Eaton Vance Municipal Bond Fund) | NAD (Nuveen Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +4.9% | +12.1% |
| 5-year return | -9.2% | -2.4% |
| Volatility (ann.) | 10.8% | 11.0% |
| Beta vs S&P 500 | 0.25 | 0.27 |
| Max drawdown (3Y) | -11.6% | -11.7% |
| Market cap | $0.5B | $2.7B |
| P/E (trailing) | 42.0 | 14.9 |
| Dividend yield | 6.30% | 7.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EIM | NAD |
|---|---|---|
| 2022 | -19.8% | -22.8% |
| 2023 | +1.6% | +1.3% |
| 2024 | +8.2% | +8.8% |
| 2025 | -0.1% | +11.4% |
| 2026 | +3.6% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EIM and NAD good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EIM and NAD?
The EIM/NAD correlation stands at 0.76 on a 3-year window (1 year: 0.68, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is NAD a good diversifier for EIM?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
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-nad.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eim-vs-nad/)
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Related comparisons
Hubs: EIM correlations · NAD correlations
