NAD vs TLT: Correlation
Measured on weekly returns over the past three years, Nuveen Quality Municipal Income Fund (NAD) and iShares 20+ Year Treasury Bond ETF (TLT) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAD and TLT?
Across a 3-year window, the weekly returns of NAD and TLT correlate at 0.71, strong. Lately the two have drifted apart, with the 1-year correlation at 0.52 versus 0.71 over 3 years. Stretching to 5 years gives 0.53, with an annualized covariance of 104.6 %².
By 3-year correlation, TLT places #17 of the 26 assets tracked against NAD. The trailing year gives NAD the advantage: +12.1% versus +0.3%, a 11.8-point spread.
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 TLT: side by side
| NAD (Nuveen Quality Municipal Income Fund) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +12.1% | +0.3% |
| 5-year return | -2.4% | -34.0% |
| Volatility (ann.) | 11.0% | 13.5% |
| Beta vs S&P 500 | 0.27 | 0.11 |
| Max drawdown (3Y) | -11.7% | -14.8% |
| Market cap | $2.7B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 7.38% | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | NAD | TLT |
|---|---|---|
| 2022 | -22.8% | -31.2% |
| 2023 | +1.3% | +2.8% |
| 2024 | +8.8% | -8.1% |
| 2025 | +11.4% | +4.2% |
| 2026 | +2.5% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAD and TLT good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NAD and TLT?
As of 2026-08-27, the correlation of weekly returns between NAD and TLT is 0.71 over 3 years, 0.52 over 1 year and 0.53 over 5 years.
Is TLT a good diversifier for NAD?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 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-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nad-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NAD correlations · TLT correlations
