ETX vs NMS: Correlation
Measured on weekly returns over the past three years, Eaton Vance Municipal Income 2028 Term Trust (ETX) and Nuveen Minnesota Quality Municipal Income Fund (NMS) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETX and NMS?
On 3 years of weekly data the ETX/NMS correlation comes out at 0.42, moderate. The relationship has been stable: the 1-year correlation (0.34) sits close to the 3-year figure. The 5-year figure is 0.25, and annualized covariance runs at 39.0 %².
Within ETX's tracked universe of 11 assets, NMS comes in at #4 by 3-year correlation. Neither side won the trailing year by much: +2.6% against +4.1%.
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.
ETX vs NMS: side by side
| ETX (Eaton Vance Municipal Income 2028 Term Trust) | NMS (Nuveen Minnesota Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +2.6% | +4.1% |
| 5-year return | -2.2% | -9.9% |
| Volatility (ann.) | 7.9% | 11.7% |
| Beta vs S&P 500 | 0.13 | 0.23 |
| Max drawdown (3Y) | -6.1% | -12.8% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | 23.2 | 9.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETX | NMS |
|---|---|---|
| 2022 | -13.5% | -21.9% |
| 2023 | +1.3% | +1.6% |
| 2024 | +6.9% | +19.6% |
| 2025 | +11.7% | +2.2% |
| 2026 | +0.2% | -2.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETX and NMS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ETX and NMS?
The ETX/NMS correlation stands at 0.42 on a 3-year window (1 year: 0.34, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is NMS a good diversifier for ETX?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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/etx-vs-nms.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etx-vs-nms/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETX correlations · NMS correlations
