IQI vs NRK: Correlation
How closely do Invesco Quality Municipal Income Trust (IQI) and Nuveen New York AMT-Free Quality Municipal Income Fund (NRK) trade together? Their weekly returns over three years give a correlation of 0.79, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQI and NRK?
Across a 3-year window, the weekly returns of IQI and NRK correlate at 0.79, strong. The link has loosened recently: the 1-year correlation (0.68) runs below the 3-year figure (0.79). Stretching to 5 years gives 0.82, with an annualized covariance of 99.8 %².
By 3-year correlation, NRK places #14 of the 27 assets tracked against IQI. Their 12-month results are close: +16.7% for IQI against +17.4% for NRK.
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.
IQI vs NRK: side by side
| IQI (Invesco Quality Municipal Income Trust) | NRK (Nuveen New York AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +16.7% | +17.4% |
| 5-year return | +1.1% | -2.0% |
| Volatility (ann.) | 11.8% | 10.7% |
| Beta vs S&P 500 | 0.31 | 0.27 |
| Max drawdown (3Y) | -11.2% | -11.5% |
| Market cap | – | $0.9B |
| P/E (trailing) | 29.9 | 32.1 |
| Dividend yield | 7.50% | 8.15% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IQI | NRK |
|---|---|---|
| 2022 | -26.9% | -21.8% |
| 2023 | +5.9% | +7.1% |
| 2024 | +10.5% | +5.9% |
| 2025 | +9.2% | +4.7% |
| 2026 | +7.1% | +7.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQI and NRK good diversifiers for each other?
To a limited degree. At 0.79 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 IQI and NRK?
As of 2026-08-27, the correlation of weekly returns between IQI and NRK is 0.79 over 3 years, 0.68 over 1 year and 0.82 over 5 years.
Is NRK a good diversifier for IQI?
To a limited degree. At 0.79 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 0.79 mean?
A reading of 0.79 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/iqi-vs-nrk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iqi-vs-nrk/)
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Related comparisons
Hubs: IQI correlations · NRK correlations
