MYI vs NVG: Correlation
How closely do Blackrock MuniYield Quality Fund III, Inc (MYI) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MYI and NVG?
Over the past 3 years, MYI and NVG moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 129.1 %².
Among the 15 assets we track against MYI, NVG ranks #5 by 3-year correlation. Neither side won the trailing year by much: +8.7% 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.
MYI vs NVG: side by side
| MYI (Blackrock MuniYield Quality Fund III, Inc) | NVG (Nuveen AMT-Free Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +8.7% | +12.4% |
| 5-year return | -5.8% | -7.8% |
| Volatility (ann.) | 11.8% | 13.0% |
| Beta vs S&P 500 | 0.30 | 0.32 |
| Max drawdown (3Y) | -11.8% | -12.9% |
| Market cap | – | $2.7B |
| P/E (trailing) | 28.3 | 13.8 |
| Dividend yield | 6.20% | 7.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MYI | NVG |
|---|---|---|
| 2022 | -20.5% | -28.5% |
| 2023 | +8.8% | +2.0% |
| 2024 | +0.6% | +10.8% |
| 2025 | +4.8% | +11.6% |
| 2026 | +3.2% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MYI and NVG good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between MYI and NVG?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.82 over the last year and 0.84 over 5 years.
Is NVG a good diversifier for MYI?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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/myi-vs-nvg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/myi-vs-nvg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MYI correlations · NVG correlations
