NAD vs NVG: Correlation
Measured on weekly returns over the past three years, Nuveen Quality Municipal Income Fund (NAD) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) carry a correlation of 0.91, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAD and NVG?
Across a 3-year window, the weekly returns of NAD and NVG correlate at 0.91, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.88 lands near the 3-year figure. Stretching to 5 years gives 0.88, with an annualized covariance of 129.7 %².
NVG is one of the assets that tracks NAD most closely: it ranks #2 out of the 26 assets we track against NAD. Their 12-month results are close: +12.1% for NAD against +12.4% for NVG.
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 NVG: side by side
| NAD (Nuveen Quality Municipal Income Fund) | NVG (Nuveen AMT-Free Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +12.1% | +12.4% |
| 5-year return | -2.4% | -7.8% |
| Volatility (ann.) | 11.0% | 13.0% |
| Beta vs S&P 500 | 0.27 | 0.32 |
| Max drawdown (3Y) | -11.7% | -12.9% |
| Market cap | $2.7B | $2.7B |
| P/E (trailing) | 14.9 | 13.8 |
| Dividend yield | 7.38% | 7.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAD | NVG |
|---|---|---|
| 2022 | -22.8% | -28.5% |
| 2023 | +1.3% | +2.0% |
| 2024 | +8.8% | +10.8% |
| 2025 | +11.4% | +11.6% |
| 2026 | +2.5% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAD and NVG good diversifiers for each other?
Not really. At 0.91, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between NAD and NVG?
The NAD/NVG correlation stands at 0.91 on a 3-year window (1 year: 0.88, 5 years: 0.88), computed from weekly returns as of 2026-08-27.
Is NVG a good diversifier for NAD?
Not really. At 0.91, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.91 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-nvg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nad-vs-nvg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAD correlations · NVG correlations
