FTEK vs NAZ: Correlation
How closely do Fuel Tech, Inc. (FTEK) and Nuveen Arizona Quality Municipal Income Fund (NAZ) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTEK and NAZ?
On 3 years of weekly data the FTEK/NAZ correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.17) sits close to the 3-year figure. The 5-year figure is -0.01, and annualized covariance runs at -126.3 %².
Out of 13 assets tracked against FTEK, NAZ lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months NAZ outperformed by 60.7 percentage points (-49.8% for FTEK against +10.9% for NAZ). Risk is not evenly split, since FTEK carries 5.0 times the volatility of the other side.
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.
FTEK vs NAZ: side by side
| FTEK (Fuel Tech, Inc.) | NAZ (Nuveen Arizona Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | -49.8% | +10.9% |
| 5-year return | -21.1% | +0.2% |
| Volatility (ann.) | 58.1% | 11.7% |
| Beta vs S&P 500 | 0.70 | 0.25 |
| Max drawdown (3Y) | -67.2% | -13.8% |
| Market cap | – | – |
| P/E (trailing) | – | 22.0 |
| Dividend yield | 0.00% | 6.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FTEK | NAZ |
|---|---|---|
| 2022 | -9.3% | -27.2% |
| 2023 | -17.3% | -0.5% |
| 2024 | +0.0% | +13.0% |
| 2025 | +48.6% | +12.1% |
| 2026 | -6.4% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTEK and NAZ good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FTEK and NAZ?
The FTEK/NAZ correlation stands at -0.19 on a 3-year window (1 year: -0.17, 5 years: -0.01), computed from weekly returns as of 2026-08-27.
Is NAZ a good diversifier for FTEK?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ftek-vs-naz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ftek-vs-naz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FTEK correlations · NAZ correlations
