NAD vs NKX: Correlation
Nuveen Quality Municipal Income Fund (NAD) and Nuveen California AMT-Free Quality Municipal Income Fund (NKX) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAD and NKX?
Over the past 3 years, NAD and NKX moved with a correlation of 0.75, which is strong. The past 12 months show a weaker link (0.62) than the 3-year average (0.75). Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 116.3 %².
By 3-year correlation, NKX places #13 of the 26 assets tracked against NAD. Their 12-month results are close: +12.1% for NAD against +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.
NAD vs NKX: side by side
| NAD (Nuveen Quality Municipal Income Fund) | NKX (Nuveen California AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +12.1% | +9.9% |
| 5-year return | -2.4% | -2.1% |
| Volatility (ann.) | 11.0% | 14.1% |
| Beta vs S&P 500 | 0.27 | 0.28 |
| Max drawdown (3Y) | -11.7% | -13.9% |
| Market cap | $2.7B | $0.6B |
| P/E (trailing) | 14.9 | 28.1 |
| Dividend yield | 7.38% | 7.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAD | NKX |
|---|---|---|
| 2022 | -22.8% | -18.4% |
| 2023 | +1.3% | -1.9% |
| 2024 | +8.8% | +16.5% |
| 2025 | +11.4% | +6.0% |
| 2026 | +2.5% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAD and NKX good diversifiers for each other?
To a limited degree. At 0.75 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 NAD and NKX?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.62 over the last year and 0.73 over 5 years.
Is NKX a good diversifier for NAD?
To a limited degree. At 0.75 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 0.75 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-nkx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nad-vs-nkx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAD correlations · NKX correlations
