IQI vs NZF: Correlation
Measured on weekly returns over the past three years, Invesco Quality Municipal Income Trust (IQI) and Nuveen Municipal Credit Income Fund (NZF) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQI and NZF?
Across a 3-year window, the weekly returns of IQI and NZF correlate at 0.84, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. Stretching to 5 years gives 0.85, with an annualized covariance of 115.3 %².
By 3-year correlation, NZF places #7 of the 27 assets tracked against IQI. On 12-month performance IQI holds a 5.9-point edge, +16.7% against +10.8%.
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 NZF: side by side
| IQI (Invesco Quality Municipal Income Trust) | NZF (Nuveen Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +16.7% | +10.8% |
| 5-year return | +1.1% | -4.1% |
| Volatility (ann.) | 11.8% | 11.6% |
| Beta vs S&P 500 | 0.31 | 0.30 |
| Max drawdown (3Y) | -11.2% | -12.4% |
| Market cap | – | $2.4B |
| P/E (trailing) | 29.9 | 13.5 |
| Dividend yield | 7.50% | 7.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IQI | NZF |
|---|---|---|
| 2022 | -26.9% | -25.5% |
| 2023 | +5.9% | +2.5% |
| 2024 | +10.5% | +10.1% |
| 2025 | +9.2% | +11.8% |
| 2026 | +7.1% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQI and NZF good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between IQI and NZF?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.76 over the last year and 0.85 over 5 years.
Is NZF a good diversifier for IQI?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 mean?
A reading of 0.84 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-nzf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iqi-vs-nzf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IQI correlations · NZF correlations
