GBAB vs NBB: Correlation
Measured on weekly returns over the past three years, Guggenheim Taxable Municipal Bond & Investment Grade Debt (GBAB) and Nuveen Taxable Municipal Income Fund (NBB) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBAB and NBB?
On 3 years of weekly data the GBAB/NBB correlation comes out at 0.72, strong. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. The 5-year figure is 0.73, and annualized covariance runs at 116.4 %².
Few assets follow GBAB as closely as NBB, which ranks #2 of 11 tracked partners. Over the last 12 months NBB came out ahead by 6.3 percentage points (-1.0% against +5.3%).
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.
GBAB vs NBB: side by side
| GBAB (Guggenheim Taxable Municipal Bond & Investment Grade Debt) | NBB (Nuveen Taxable Municipal Income Fund) | |
|---|---|---|
| 1-year return | -1.0% | +5.3% |
| 5-year return | -11.9% | -5.4% |
| Volatility (ann.) | 13.5% | 12.0% |
| Beta vs S&P 500 | 0.20 | 0.22 |
| Max drawdown (3Y) | -17.3% | -11.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 11.7 | 16.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBAB | NBB |
|---|---|---|
| 2022 | -25.1% | -24.6% |
| 2023 | +8.6% | +7.6% |
| 2024 | +2.9% | +1.4% |
| 2025 | +8.4% | +13.6% |
| 2026 | -0.6% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBAB and NBB good diversifiers for each other?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GBAB and NBB?
As of 2026-08-27, the correlation of weekly returns between GBAB and NBB is 0.72 over 3 years, 0.76 over 1 year and 0.73 over 5 years.
Is NBB a good diversifier for GBAB?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.72 mean?
On the −1 to +1 scale, 0.72 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/gbab-vs-nbb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gbab-vs-nbb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GBAB correlations · NBB correlations
