EVN vs NZF: Correlation
Eaton Vance Municipal Income Trust (EVN) and Nuveen Municipal Credit Income Fund (NZF) 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 NZF?
Across a 3-year window, the weekly returns of EVN and NZF correlate at 0.74, strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 103.4 %².
By 3-year correlation, NZF places #5 of the 11 assets tracked against EVN. Twelve-month performance is nearly a tie, at +8.4% for EVN and +10.8% for NZF.
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 NZF: side by side
| EVN (Eaton Vance Municipal Income Trust) | NZF (Nuveen Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +8.4% | +10.8% |
| 5-year return | -2.5% | -4.1% |
| Volatility (ann.) | 12.0% | 11.6% |
| Beta vs S&P 500 | 0.36 | 0.30 |
| Max drawdown (3Y) | -10.4% | -12.4% |
| Market cap | $0.4B | $2.4B |
| P/E (trailing) | 11.6 | 13.5 |
| Dividend yield | 2.83% | 7.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVN | NZF |
|---|---|---|
| 2022 | -25.0% | -25.5% |
| 2023 | +4.4% | +2.5% |
| 2024 | +8.9% | +10.1% |
| 2025 | +12.8% | +11.8% |
| 2026 | +3.2% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVN and NZF good diversifiers for each other?
Only partially. A correlation of 0.74 means EVN and NZF 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 EVN and NZF?
As of 2026-08-27, the correlation of weekly returns between EVN and NZF is 0.74 over 3 years, 0.69 over 1 year and 0.75 over 5 years.
Is NZF a good diversifier for EVN?
Only partially. A correlation of 0.74 means EVN and NZF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.74 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-nzf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evn-vs-nzf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVN correlations · NZF correlations
