MGF vs NUV: Correlation
How closely do Aberdeen Government Markets Income Fund (MGF) and Nuveen Municipal Value Fund, Inc. (NUV) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGF and NUV?
Across a 3-year window, the weekly returns of MGF and NUV correlate at 0.58, moderate. The link has loosened recently: the 1-year correlation (0.25) runs below the 3-year figure (0.58). Stretching to 5 years gives 0.56, with an annualized covariance of 43.0 %².
Among the 10 assets we track against MGF, NUV ranks #5 by 3-year correlation. The trailing year gives NUV the advantage: +1.7% versus +8.1%, a 6.4-point spread.
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 NUV: side by side
| MGF (Aberdeen Government Markets Income Fund) | NUV (Nuveen Municipal Value Fund, Inc.) | |
|---|---|---|
| 1-year return | +1.7% | +8.1% |
| 5-year return | -3.4% | -6.9% |
| Volatility (ann.) | 8.8% | 8.4% |
| Beta vs S&P 500 | 0.17 | 0.18 |
| Max drawdown (3Y) | -8.7% | -6.4% |
| Market cap | – | $1.9B |
| P/E (trailing) | 26.3 | 17.6 |
| Dividend yield | 8.17% | 4.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGF | NUV |
|---|---|---|
| 2022 | -15.8% | -14.0% |
| 2023 | +3.8% | +4.0% |
| 2024 | +4.2% | +4.0% |
| 2025 | +6.3% | +10.3% |
| 2026 | +0.8% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGF and NUV good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MGF and NUV?
The MGF/NUV correlation stands at 0.58 on a 3-year window (1 year: 0.25, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is NUV a good diversifier for MGF?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 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-nuv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mgf-vs-nuv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MGF correlations · NUV correlations
