NAN vs NKX: Correlation
Measured on weekly returns over the past three years, Nuveen New York Quality Municipal Income Fund (NAN) and Nuveen California AMT-Free Quality Municipal Income Fund (NKX) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAN and NKX?
Over the past 3 years, NAN and NKX moved with a correlation of 0.75, which is strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.75 over 3. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 109.7 %².
Among the 15 assets we track against NAN, NKX ranks #6 by 3-year correlation. Neither side won the trailing year by much: +8.2% against +9.9%.
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 NKX: side by side
| NAN (Nuveen New York Quality Municipal Income Fund) | NKX (Nuveen California AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +8.2% | +9.9% |
| 5-year return | -2.8% | -2.1% |
| Volatility (ann.) | 10.3% | 14.1% |
| Beta vs S&P 500 | 0.26 | 0.28 |
| Max drawdown (3Y) | -11.2% | -13.9% |
| Market cap | – | $0.6B |
| P/E (trailing) | 30.5 | 28.1 |
| Dividend yield | 7.90% | 7.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAN | NKX |
|---|---|---|
| 2022 | -24.0% | -18.4% |
| 2023 | +8.2% | -1.9% |
| 2024 | +10.2% | +16.5% |
| 2025 | +6.6% | +6.0% |
| 2026 | +2.3% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAN and NKX good diversifiers for each other?
Only partially. A correlation of 0.75 means NAN and NKX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NAN and NKX?
The NAN/NKX correlation stands at 0.75 on a 3-year window (1 year: 0.71, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is NKX a good diversifier for NAN?
Only partially. A correlation of 0.75 means NAN and NKX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
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/nan-vs-nkx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nan-vs-nkx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAN correlations · NKX correlations
