KGEI vs NAD: Correlation
Measured on weekly returns over the past three years, Kolibri Global Energy Inc. (KGEI) and Nuveen Quality Municipal Income Fund (NAD) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KGEI and NAD?
Across a 3-year window, the weekly returns of KGEI and NAD correlate at -0.26, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.65) than the 3-year average (-0.26). Stretching to 5 years gives -0.03, with an annualized covariance of -143.8 %².
Within KGEI's tracked universe of 27 assets, NAD comes in at #22 by 3-year correlation. On 12-month performance NAD holds a 6.5-point edge, +5.6% against +12.1%. Note the risk asymmetry: KGEI runs 4.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
KGEI vs NAD: side by side
| KGEI (Kolibri Global Energy Inc.) | NAD (Nuveen Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +5.6% | +12.1% |
| 5-year return | +631.2% | -2.4% |
| Volatility (ann.) | 51.1% | 11.0% |
| Beta vs S&P 500 | 0.13 | 0.27 |
| Max drawdown (3Y) | -64.7% | -11.7% |
| Market cap | $0.2B | $2.7B |
| P/E (trailing) | 10.6 | 14.9 |
| Dividend yield | 0.00% | 7.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KGEI | NAD |
|---|---|---|
| 2022 | +391.7% | -22.8% |
| 2023 | +27.1% | +1.3% |
| 2024 | +41.9% | +8.8% |
| 2025 | -26.1% | +11.4% |
| 2026 | +48.9% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KGEI and NAD good diversifiers for each other?
Yes. With a correlation of -0.26, KGEI and NAD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KGEI and NAD?
The KGEI/NAD correlation stands at -0.26 on a 3-year window (1 year: -0.65, 5 years: -0.03), computed from weekly returns as of 2026-08-27.
Is NAD a good diversifier for KGEI?
Yes. With a correlation of -0.26, KGEI and NAD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/kgei-vs-nad.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/kgei-vs-nad/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KGEI correlations · NAD correlations
