NAC vs NKX: Correlation
Nuveen California Quality Municipal Income Fund (NAC) and Nuveen California AMT-Free Quality Municipal Income Fund (NKX) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAC and NKX?
On 3 years of weekly data the NAC/NKX correlation comes out at 0.77, strong. Recent behaviour matches the longer record: 0.67 over 1 year against 0.77 over 3. The 5-year figure is 0.76, and annualized covariance runs at 114.8 %².
Among the 15 assets we track against NAC, NKX ranks #7 by 3-year correlation. Twelve-month performance is nearly a tie, at +12.8% for NAC and +9.9% for NKX.
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 NKX: side by side
| NAC (Nuveen California Quality Municipal Income Fund) | NKX (Nuveen California AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +12.8% | +9.9% |
| 5-year return | -0.8% | -2.1% |
| Volatility (ann.) | 10.5% | 14.1% |
| Beta vs S&P 500 | 0.21 | 0.28 |
| Max drawdown (3Y) | -9.6% | -13.9% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 28.1 |
| Dividend yield | 7.63% | 7.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAC | NKX |
|---|---|---|
| 2022 | -25.6% | -18.4% |
| 2023 | +4.5% | -1.9% |
| 2024 | +8.7% | +16.5% |
| 2025 | +13.1% | +6.0% |
| 2026 | +4.3% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAC and NKX good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NAC and NKX?
The NAC/NKX correlation stands at 0.77 on a 3-year window (1 year: 0.67, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is NKX a good diversifier for NAC?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 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/nac-vs-nkx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nac-vs-nkx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAC correlations · NKX correlations
