IQI vs NVG: Correlation
Invesco Quality Municipal Income Trust (IQI) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) show a very strong relationship: their 3-year correlation of weekly returns is 0.85.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQI and NVG?
Over the past 3 years, IQI and NVG moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.81 over 1 year against 0.85 over 3. Over 5 years the correlation is 0.83, and the annualized covariance of weekly returns is 129.1 %².
Within IQI's tracked universe of 27 assets, NVG comes in at #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +16.7% for IQI and +12.4% for NVG.
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 NVG: side by side
| IQI (Invesco Quality Municipal Income Trust) | NVG (Nuveen AMT-Free Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +16.7% | +12.4% |
| 5-year return | +1.1% | -7.8% |
| Volatility (ann.) | 11.8% | 13.0% |
| Beta vs S&P 500 | 0.31 | 0.32 |
| Max drawdown (3Y) | -11.2% | -12.9% |
| Market cap | – | $2.7B |
| P/E (trailing) | 29.9 | 13.8 |
| Dividend yield | 7.50% | 7.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IQI | NVG |
|---|---|---|
| 2022 | -26.9% | -28.5% |
| 2023 | +5.9% | +2.0% |
| 2024 | +10.5% | +10.8% |
| 2025 | +9.2% | +11.6% |
| 2026 | +7.1% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQI and NVG good diversifiers for each other?
No: a correlation of 0.85 means IQI and NVG tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between IQI and NVG?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.81 over the last year and 0.83 over 5 years.
Is NVG a good diversifier for IQI?
No: a correlation of 0.85 means IQI and NVG tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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/iqi-vs-nvg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iqi-vs-nvg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IQI correlations · NVG correlations
