NAD vs NAN: Correlation
Nuveen Quality Municipal Income Fund (NAD) and Nuveen New York Quality Municipal Income Fund (NAN) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAD and NAN?
On 3 years of weekly data the NAD/NAN correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.72 over 1 year against 0.82 over 3. The 5-year figure is 0.80, and annualized covariance runs at 93.4 %².
Among the 26 assets we track against NAD, NAN ranks #9 by 3-year correlation. Twelve-month performance is nearly a tie, at +12.1% for NAD and +8.2% for NAN.
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.
NAD vs NAN: side by side
| NAD (Nuveen Quality Municipal Income Fund) | NAN (Nuveen New York Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +12.1% | +8.2% |
| 5-year return | -2.4% | -2.8% |
| Volatility (ann.) | 11.0% | 10.3% |
| Beta vs S&P 500 | 0.27 | 0.26 |
| Max drawdown (3Y) | -11.7% | -11.2% |
| Market cap | $2.7B | – |
| P/E (trailing) | 14.9 | 30.5 |
| Dividend yield | 7.38% | 7.90% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAD | NAN |
|---|---|---|
| 2022 | -22.8% | -24.0% |
| 2023 | +1.3% | +8.2% |
| 2024 | +8.8% | +10.2% |
| 2025 | +11.4% | +6.6% |
| 2026 | +2.5% | +2.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAD and NAN good diversifiers for each other?
No: a correlation of 0.82 means NAD and NAN tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between NAD and NAN?
As of 2026-08-27, the correlation of weekly returns between NAD and NAN is 0.82 over 3 years, 0.72 over 1 year and 0.80 over 5 years.
Is NAN a good diversifier for NAD?
No: a correlation of 0.82 means NAD and NAN tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nad-vs-nan.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nad-vs-nan/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NAD correlations · NAN correlations
