NAC vs NAD: Correlation
Measured on weekly returns over the past three years, Nuveen California Quality Municipal Income Fund (NAC) and Nuveen Quality Municipal Income Fund (NAD) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAC and NAD?
Over the past 3 years, NAC and NAD moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.66) runs below the 3-year figure (0.83). Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 96.2 %².
In NAC's tracked universe of 15 assets, NAD sits right near the top at #3. Neither side won the trailing year by much: +12.8% against +12.1%.
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.
NAC vs NAD: side by side
| NAC (Nuveen California Quality Municipal Income Fund) | NAD (Nuveen Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +12.8% | +12.1% |
| 5-year return | -0.8% | -2.4% |
| Volatility (ann.) | 10.5% | 11.0% |
| Beta vs S&P 500 | 0.21 | 0.27 |
| Max drawdown (3Y) | -9.6% | -11.7% |
| Market cap | – | $2.7B |
| P/E (trailing) | – | 14.9 |
| Dividend yield | 7.63% | 7.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAC | NAD |
|---|---|---|
| 2022 | -25.6% | -22.8% |
| 2023 | +4.5% | +1.3% |
| 2024 | +8.7% | +8.8% |
| 2025 | +13.1% | +11.4% |
| 2026 | +4.3% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAC and NAD good diversifiers for each other?
No. With a correlation of 0.83, NAC and NAD move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between NAC and NAD?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.66 over the last year and 0.82 over 5 years.
Is NAD a good diversifier for NAC?
No. With a correlation of 0.83, NAC and NAD move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.83 mean?
A reading of 0.83 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nac-vs-nad.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nac-vs-nad/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAC correlations · NAD correlations
