MGF vs NBB: Correlation
Aberdeen Government Markets Income Fund (MGF) and Nuveen Taxable Municipal Income Fund (NBB) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGF and NBB?
Across a 3-year window, the weekly returns of MGF and NBB correlate at 0.59, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.45 versus 0.59 over 3 years. Stretching to 5 years gives 0.57, with an annualized covariance of 62.2 %².
Among the 10 assets we track against MGF, NBB ranks #4 by 3-year correlation. Neither side won the trailing year by much: +1.7% 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.
MGF vs NBB: side by side
| MGF (Aberdeen Government Markets Income Fund) | NBB (Nuveen Taxable Municipal Income Fund) | |
|---|---|---|
| 1-year return | +1.7% | +5.3% |
| 5-year return | -3.4% | -5.4% |
| Volatility (ann.) | 8.8% | 12.0% |
| Beta vs S&P 500 | 0.17 | 0.22 |
| Max drawdown (3Y) | -8.7% | -11.4% |
| Market cap | – | – |
| P/E (trailing) | 26.3 | 16.4 |
| Dividend yield | 8.17% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGF | NBB |
|---|---|---|
| 2022 | -15.8% | -24.6% |
| 2023 | +3.8% | +7.6% |
| 2024 | +4.2% | +1.4% |
| 2025 | +6.3% | +13.6% |
| 2026 | +0.8% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGF and NBB good diversifiers for each other?
To a limited degree. At 0.59 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 MGF and NBB?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.45 over the last year and 0.57 over 5 years.
Is NBB a good diversifier for MGF?
To a limited degree. At 0.59 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 0.59 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mgf-vs-nbb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mgf-vs-nbb/)
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Related comparisons
Hubs: MGF correlations · NBB correlations
