ETX vs NIM: Correlation
Measured on weekly returns over the past three years, Eaton Vance Municipal Income 2028 Term Trust (ETX) and Nuveen Select Maturities Municipal Fund (NIM) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETX and NIM?
Across a 3-year window, the weekly returns of ETX and NIM correlate at 0.47, moderate. The past 12 months show a weaker link (0.25) than the 3-year average (0.47). Stretching to 5 years gives 0.35, with an annualized covariance of 31.3 %².
Few assets follow ETX as closely as NIM, which ranks #1 of 11 tracked partners. Their 12-month results are close: +2.6% for ETX against +5.5% for NIM.
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.
ETX vs NIM: side by side
| ETX (Eaton Vance Municipal Income 2028 Term Trust) | NIM (Nuveen Select Maturities Municipal Fund) | |
|---|---|---|
| 1-year return | +2.6% | +5.5% |
| 5-year return | -2.2% | +1.3% |
| Volatility (ann.) | 7.9% | 8.4% |
| Beta vs S&P 500 | 0.13 | 0.16 |
| Max drawdown (3Y) | -6.1% | -6.8% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | 23.2 | 24.4 |
| Dividend yield | 0.00% | 3.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETX | NIM |
|---|---|---|
| 2022 | -13.5% | -12.9% |
| 2023 | +1.3% | +0.8% |
| 2024 | +6.9% | +2.8% |
| 2025 | +11.7% | +10.9% |
| 2026 | +0.2% | +2.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETX and NIM good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ETX and NIM?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.25 over the last year and 0.35 over 5 years.
Is NIM a good diversifier for ETX?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/etx-vs-nim.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/etx-vs-nim/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETX correlations · NIM correlations
