MKDW vs NKX: Correlation
MKDWELL Tech Inc. (MKDW) and Nuveen California AMT-Free Quality Municipal Income Fund (NKX) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MKDW and NKX?
Across a 3-year window, the weekly returns of MKDW and NKX correlate at -0.30, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -553.7 %².
NKX is close to the least connected end of MKDW's tracked universe, ranking #15 of 16. Their recent paths diverged sharply: over the last 12 months MKDW outperformed by 73.2 percentage points (+83.1% for MKDW against +9.9% for NKX). One caveat on sizing: MKDW is 9.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MKDW vs NKX: side by side
| MKDW (MKDWELL Tech Inc.) | NKX (Nuveen California AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +83.1% | +9.9% |
| 5-year return | n/a | -2.1% |
| Volatility (ann.) | 130.7% | 14.1% |
| Beta vs S&P 500 | 1.90 | 0.28 |
| Max drawdown (3Y) | -99.4% | -13.9% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 28.1 |
| Dividend yield | 0.00% | 7.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MKDW | NKX |
|---|---|---|
| 2022 | – | -18.4% |
| 2023 | – | -1.9% |
| 2024 | -91.3% | +16.5% |
| 2025 | -82.6% | +6.0% |
| 2026 | +138.0% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MKDW and NKX good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MKDW and NKX?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.29 over the last year and n/a over 5 years.
Is NKX a good diversifier for MKDW?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 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/mkdw-vs-nkx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mkdw-vs-nkx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MKDW correlations · NKX correlations
