MMU vs NAD: Correlation
Western Asset Managed Municipals Fund, Inc. (MMU) and Nuveen Quality Municipal Income Fund (NAD) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMU and NAD?
On 3 years of weekly data the MMU/NAD correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. The 5-year figure is 0.79, and annualized covariance runs at 101.1 %².
By 3-year correlation, NAD places #5 of the 11 assets tracked against MMU. Twelve-month performance is nearly a tie, at +9.2% for MMU and +12.1% for NAD.
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.
MMU vs NAD: side by side
| MMU (Western Asset Managed Municipals Fund, Inc.) | NAD (Nuveen Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +9.2% | +12.1% |
| 5-year return | -2.0% | -2.4% |
| Volatility (ann.) | 11.3% | 11.0% |
| Beta vs S&P 500 | 0.27 | 0.27 |
| Max drawdown (3Y) | -9.5% | -11.7% |
| Market cap | $0.6B | $2.7B |
| P/E (trailing) | 10.7 | 14.9 |
| Dividend yield | 6.45% | 7.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MMU | NAD |
|---|---|---|
| 2022 | -19.6% | -22.8% |
| 2023 | +5.7% | +1.3% |
| 2024 | +6.6% | +8.8% |
| 2025 | +9.3% | +11.4% |
| 2026 | +1.3% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMU and NAD good diversifiers for each other?
No: a correlation of 0.82 means MMU and NAD tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MMU and NAD?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.84 over the last year and 0.79 over 5 years.
Is NAD a good diversifier for MMU?
No: a correlation of 0.82 means MMU and NAD tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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/mmu-vs-nad.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mmu-vs-nad/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MMU correlations · NAD correlations
