NAC vs RSF: Correlation
How closely do Nuveen California Quality Municipal Income Fund (NAC) and RiverNorth Capital and Income Fund (RSF) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAC and RSF?
On 3 years of weekly data the NAC/RSF correlation comes out at 0.45, moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.45). The 5-year figure is 0.26, and annualized covariance runs at 25.8 %².
Among the 15 assets we track against NAC, RSF ranks #10 by 3-year correlation. Twelve-month performance is nearly a tie, at +12.8% for NAC and +10.1% for RSF. Risk is not evenly split, since NAC carries 1.9 times the volatility of the other side.
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 RSF: side by side
| NAC (Nuveen California Quality Municipal Income Fund) | RSF (RiverNorth Capital and Income Fund) | |
|---|---|---|
| 1-year return | +12.8% | +10.1% |
| 5-year return | -0.8% | +30.6% |
| Volatility (ann.) | 10.5% | 5.4% |
| Beta vs S&P 500 | 0.21 | 0.06 |
| Max drawdown (3Y) | -9.6% | -5.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 13.3 |
| Dividend yield | 7.63% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAC | RSF |
|---|---|---|
| 2022 | -25.6% | -1.6% |
| 2023 | +4.5% | +3.8% |
| 2024 | +8.7% | +10.6% |
| 2025 | +13.1% | +4.6% |
| 2026 | +4.3% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAC and RSF good diversifiers for each other?
Reasonably. At 0.45, NAC and RSF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NAC and RSF?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.28 over the last year and 0.26 over 5 years.
Is RSF a good diversifier for NAC?
Reasonably. At 0.45, NAC and RSF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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.
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Related comparisons
Hubs: NAC correlations · RSF correlations
