EIM vs NEA: Correlation
Eaton Vance Municipal Bond Fund (EIM) and Nuveen AMT-Free Quality Municipal Income Fund (NEA) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EIM and NEA?
Over the past 3 years, EIM and NEA moved with a correlation of 0.75, which is strong. The link has loosened recently: the 1-year correlation (0.64) runs below the 3-year figure (0.75). Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 87.8 %².
By 3-year correlation, NEA places #5 of the 11 assets tracked against EIM. On 12-month performance NEA holds a 5.5-point edge, +4.9% against +10.4%.
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 NEA: side by side
| EIM (Eaton Vance Municipal Bond Fund) | NEA (Nuveen AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +4.9% | +10.4% |
| 5-year return | -9.2% | -4.4% |
| Volatility (ann.) | 10.8% | 10.9% |
| Beta vs S&P 500 | 0.25 | 0.28 |
| Max drawdown (3Y) | -11.6% | -11.3% |
| Market cap | $0.5B | $3.4B |
| P/E (trailing) | 42.0 | 14.5 |
| Dividend yield | 6.30% | 7.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EIM | NEA |
|---|---|---|
| 2022 | -19.8% | -23.3% |
| 2023 | +1.6% | +0.8% |
| 2024 | +8.2% | +9.5% |
| 2025 | -0.1% | +11.3% |
| 2026 | +3.6% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EIM and NEA good diversifiers for each other?
Only partially. A correlation of 0.75 means EIM and NEA 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 NEA?
As of 2026-08-27, the correlation of weekly returns between EIM and NEA is 0.75 over 3 years, 0.64 over 1 year and 0.80 over 5 years.
Is NEA a good diversifier for EIM?
Only partially. A correlation of 0.75 means EIM and NEA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 mean?
A reading of 0.75 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/eim-vs-nea.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eim-vs-nea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EIM correlations · NEA correlations
