MGF vs NPCT: Correlation
How closely do Aberdeen Government Markets Income Fund (MGF) and Nuveen Core Plus Impact Fund (NPCT) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGF and NPCT?
Across a 3-year window, the weekly returns of MGF and NPCT correlate at 0.60, strong. The link has loosened recently: the 1-year correlation (0.43) runs below the 3-year figure (0.60). Stretching to 5 years gives 0.62, with an annualized covariance of 61.5 %².
In MGF's tracked universe of 10 assets, NPCT sits right near the top at #1. Twelve-month performance is nearly a tie, at +1.7% for MGF and -0.3% for NPCT.
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 NPCT: side by side
| MGF (Aberdeen Government Markets Income Fund) | NPCT (Nuveen Core Plus Impact Fund) | |
|---|---|---|
| 1-year return | +1.7% | -0.3% |
| 5-year return | -3.4% | -14.4% |
| Volatility (ann.) | 8.8% | 11.7% |
| Beta vs S&P 500 | 0.17 | 0.38 |
| Max drawdown (3Y) | -8.7% | -10.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | 26.3 | 10.7 |
| Dividend yield | 8.17% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGF | NPCT |
|---|---|---|
| 2022 | -15.8% | -37.5% |
| 2023 | +3.8% | +7.8% |
| 2024 | +4.2% | +17.3% |
| 2025 | +6.3% | +9.9% |
| 2026 | +0.8% | +2.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGF and NPCT good diversifiers for each other?
Only partially. A correlation of 0.60 means MGF and NPCT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MGF and NPCT?
As of 2026-08-27, the correlation of weekly returns between MGF and NPCT is 0.60 over 3 years, 0.43 over 1 year and 0.62 over 5 years.
Is NPCT a good diversifier for MGF?
Only partially. A correlation of 0.60 means MGF and NPCT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 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/mgf-vs-npct.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mgf-vs-npct/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MGF correlations · NPCT correlations
