MHF vs NRK: Correlation
Western Asset Municipal High Income Fund, Inc. (MHF) and Nuveen New York AMT-Free Quality Municipal Income Fund (NRK) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHF and NRK?
Across a 3-year window, the weekly returns of MHF and NRK correlate at 0.55, moderate. The link has loosened recently: the 1-year correlation (0.38) runs below the 3-year figure (0.55). Stretching to 5 years gives 0.58, with an annualized covariance of 71.9 %².
Among the 10 assets we track against MHF, NRK ranks #4 by 3-year correlation. Over the last 12 months NRK came out ahead by 11.8 percentage points (+5.6% against +17.4%).
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.
MHF vs NRK: side by side
| MHF (Western Asset Municipal High Income Fund, Inc.) | NRK (Nuveen New York AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +5.6% | +17.4% |
| 5-year return | +6.2% | -2.0% |
| Volatility (ann.) | 12.2% | 10.7% |
| Beta vs S&P 500 | 0.32 | 0.27 |
| Max drawdown (3Y) | -13.3% | -11.5% |
| Market cap | $0.2B | $0.9B |
| P/E (trailing) | 18.0 | 32.1 |
| Dividend yield | 5.93% | 8.15% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MHF | NRK |
|---|---|---|
| 2022 | -17.6% | -21.8% |
| 2023 | +4.6% | +7.1% |
| 2024 | +12.0% | +5.9% |
| 2025 | +7.2% | +4.7% |
| 2026 | +3.3% | +7.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHF and NRK good diversifiers for each other?
Only partially. A correlation of 0.55 means MHF and NRK 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 MHF and NRK?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.38 over the last year and 0.58 over 5 years.
Is NRK a good diversifier for MHF?
Only partially. A correlation of 0.55 means MHF and NRK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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/mhf-vs-nrk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mhf-vs-nrk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MHF correlations · NRK correlations
