MIY vs NVG: Correlation
How closely do Blackrock MuniYield Michigan Quality Fund, Inc. (MIY) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MIY and NVG?
Over the past 3 years, MIY and NVG moved with a correlation of 0.70, which is strong. The link has loosened recently: the 1-year correlation (0.40) runs below the 3-year figure (0.70). Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 102.7 %².
By 3-year correlation, NVG places #4 of the 11 assets tracked against MIY. Over the last 12 months MIY came out ahead by 7.8 percentage points (+20.2% against +12.4%).
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.
MIY vs NVG: side by side
| MIY (Blackrock MuniYield Michigan Quality Fund, Inc.) | NVG (Nuveen AMT-Free Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +20.2% | +12.4% |
| 5-year return | +4.3% | -7.8% |
| Volatility (ann.) | 11.3% | 13.0% |
| Beta vs S&P 500 | 0.14 | 0.32 |
| Max drawdown (3Y) | -11.1% | -12.9% |
| Market cap | $0.4B | $2.7B |
| P/E (trailing) | 37.3 | 13.8 |
| Dividend yield | 5.21% | 7.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MIY | NVG |
|---|---|---|
| 2022 | -24.1% | -28.5% |
| 2023 | +6.7% | +2.0% |
| 2024 | +3.5% | +10.8% |
| 2025 | +11.3% | +11.6% |
| 2026 | +11.9% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MIY and NVG good diversifiers for each other?
To a limited degree. At 0.70 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 MIY and NVG?
As of 2026-08-27, the correlation of weekly returns between MIY and NVG is 0.70 over 3 years, 0.40 over 1 year and 0.67 over 5 years.
Is NVG a good diversifier for MIY?
To a limited degree. At 0.70 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 0.70 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/miy-vs-nvg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/miy-vs-nvg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MIY correlations · NVG correlations
