EVN vs NVG: Correlation
Eaton Vance Municipal Income Trust (EVN) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVN and NVG?
On 3 years of weekly data the EVN/NVG correlation comes out at 0.74, strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. The 5-year figure is 0.72, and annualized covariance runs at 115.7 %².
By 3-year correlation, NVG places #4 of the 11 assets tracked against EVN. Neither side won the trailing year by much: +8.4% against +12.4%.
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.
EVN vs NVG: side by side
| EVN (Eaton Vance Municipal Income Trust) | NVG (Nuveen AMT-Free Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +8.4% | +12.4% |
| 5-year return | -2.5% | -7.8% |
| Volatility (ann.) | 12.0% | 13.0% |
| Beta vs S&P 500 | 0.36 | 0.32 |
| Max drawdown (3Y) | -10.4% | -12.9% |
| Market cap | $0.4B | $2.7B |
| P/E (trailing) | 11.6 | 13.8 |
| Dividend yield | 2.83% | 7.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVN | NVG |
|---|---|---|
| 2022 | -25.0% | -28.5% |
| 2023 | +4.4% | +2.0% |
| 2024 | +8.9% | +10.8% |
| 2025 | +12.8% | +11.6% |
| 2026 | +3.2% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVN and NVG good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EVN and NVG?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.66 over the last year and 0.72 over 5 years.
Is NVG a good diversifier for EVN?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
On the −1 to +1 scale, 0.74 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/evn-vs-nvg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/evn-vs-nvg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EVN correlations · NVG correlations
