NAC vs VCV: Correlation
Measured on weekly returns over the past three years, Nuveen California Quality Municipal Income Fund (NAC) and Invesco California Value Municipal Income Trust (VCV) carry a correlation of 0.81, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAC and VCV?
Across a 3-year window, the weekly returns of NAC and VCV correlate at 0.81, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.76 over 1 year against 0.81 over 3. Stretching to 5 years gives 0.78, with an annualized covariance of 115.4 %².
Among the 15 assets we track against NAC, VCV ranks #6 by 3-year correlation. Neither side won the trailing year by much: +12.8% against +10.5%.
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 VCV: side by side
| NAC (Nuveen California Quality Municipal Income Fund) | VCV (Invesco California Value Municipal Income Trust) | |
|---|---|---|
| 1-year return | +12.8% | +10.5% |
| 5-year return | -0.8% | -0.3% |
| Volatility (ann.) | 10.5% | 13.6% |
| Beta vs S&P 500 | 0.21 | 0.24 |
| Max drawdown (3Y) | -9.6% | -13.3% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | 40.4 |
| Dividend yield | 7.63% | 7.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAC | VCV |
|---|---|---|
| 2022 | -25.6% | -28.4% |
| 2023 | +4.5% | +7.9% |
| 2024 | +8.7% | +18.7% |
| 2025 | +13.1% | +9.5% |
| 2026 | +4.3% | -0.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAC and VCV good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between NAC and VCV?
As of 2026-08-27, the correlation of weekly returns between NAC and VCV is 0.81 over 3 years, 0.76 over 1 year and 0.78 over 5 years.
Is VCV a good diversifier for NAC?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 mean?
On the −1 to +1 scale, 0.81 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
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Related comparisons
Hubs: NAC correlations · VCV correlations
