NAC vs NPV: Correlation
Nuveen California Quality Municipal Income Fund (NAC) and Nuveen Virginia Quality Municipal Income Fund (NPV) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAC and NPV?
Across a 3-year window, the weekly returns of NAC and NPV correlate at 0.73, strong. Recent behaviour matches the longer record: 0.64 over 1 year against 0.73 over 3. Stretching to 5 years gives 0.68, with an annualized covariance of 90.8 %².
Among the 15 assets we track against NAC, NPV ranks #9 by 3-year correlation. Over the last 12 months NAC came out ahead by 12.5 percentage points (+12.8% against +0.3%).
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 NPV: side by side
| NAC (Nuveen California Quality Municipal Income Fund) | NPV (Nuveen Virginia Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +12.8% | +0.3% |
| 5-year return | -0.8% | -20.8% |
| Volatility (ann.) | 10.5% | 11.9% |
| Beta vs S&P 500 | 0.21 | 0.23 |
| Max drawdown (3Y) | -9.6% | -18.3% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 9.3 |
| Dividend yield | 7.63% | 8.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAC | NPV |
|---|---|---|
| 2022 | -25.6% | -31.5% |
| 2023 | +4.5% | +0.4% |
| 2024 | +8.7% | +24.6% |
| 2025 | +13.1% | -5.9% |
| 2026 | +4.3% | -0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAC and NPV good diversifiers for each other?
To a limited degree. At 0.73 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NAC and NPV?
As of 2026-08-27, the correlation of weekly returns between NAC and NPV is 0.73 over 3 years, 0.64 over 1 year and 0.68 over 5 years.
Is NPV a good diversifier for NAC?
To a limited degree. At 0.73 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.73 mean?
A reading of 0.73 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-npv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nac-vs-npv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAC correlations · NPV correlations
