NAN vs NEA: Correlation
Nuveen New York Quality Municipal Income Fund (NAN) and Nuveen AMT-Free Quality Municipal Income Fund (NEA) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAN and NEA?
Across a 3-year window, the weekly returns of NAN and NEA correlate at 0.84, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.78 over 1 year against 0.84 over 3. Stretching to 5 years gives 0.81, with an annualized covariance of 94.2 %².
Few assets follow NAN as closely as NEA, which ranks #1 of 15 tracked partners. Neither side won the trailing year by much: +8.2% against +10.4%.
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.
NAN vs NEA: side by side
| NAN (Nuveen New York Quality Municipal Income Fund) | NEA (Nuveen AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +8.2% | +10.4% |
| 5-year return | -2.8% | -4.4% |
| Volatility (ann.) | 10.3% | 10.9% |
| Beta vs S&P 500 | 0.26 | 0.28 |
| Max drawdown (3Y) | -11.2% | -11.3% |
| Market cap | – | $3.4B |
| P/E (trailing) | 30.5 | 14.5 |
| Dividend yield | 7.90% | 7.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAN | NEA |
|---|---|---|
| 2022 | -24.0% | -23.3% |
| 2023 | +8.2% | +0.8% |
| 2024 | +10.2% | +9.5% |
| 2025 | +6.6% | +11.3% |
| 2026 | +2.3% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAN and NEA good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between NAN and NEA?
The NAN/NEA correlation stands at 0.84 on a 3-year window (1 year: 0.78, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is NEA a good diversifier for NAN?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 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/nan-vs-nea.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nan-vs-nea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAN correlations · NEA correlations
