FMY vs NBB: Correlation
How closely do First Trust Mortgage Income Fund (FMY) and Nuveen Taxable Municipal Income Fund (NBB) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMY and NBB?
Over the past 3 years, FMY and NBB moved with a correlation of 0.43, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.58 versus 0.43 over 3 years. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 49.3 %².
NBB is one of the assets that tracks FMY most closely: it ranks #3 out of the 12 assets we track against FMY. Twelve-month performance is nearly a tie, at +2.3% for FMY and +5.3% for NBB.
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.
FMY vs NBB: side by side
| FMY (First Trust Mortgage Income Fund) | NBB (Nuveen Taxable Municipal Income Fund) | |
|---|---|---|
| 1-year return | +2.3% | +5.3% |
| 5-year return | +18.1% | -5.4% |
| Volatility (ann.) | 9.6% | 12.0% |
| Beta vs S&P 500 | 0.12 | 0.22 |
| Max drawdown (3Y) | -7.1% | -11.4% |
| Market cap | – | – |
| P/E (trailing) | 16.5 | 16.4 |
| Dividend yield | 6.94% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMY | NBB |
|---|---|---|
| 2022 | -13.0% | -24.6% |
| 2023 | +16.1% | +7.6% |
| 2024 | +7.1% | +1.4% |
| 2025 | +8.6% | +13.6% |
| 2026 | +0.1% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMY and NBB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FMY and NBB?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.58 over the last year and 0.41 over 5 years.
Is NBB a good diversifier for FMY?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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/fmy-vs-nbb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fmy-vs-nbb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FMY correlations · NBB correlations
