NAN vs NMS: Correlation
Measured on weekly returns over the past three years, Nuveen New York Quality Municipal Income Fund (NAN) and Nuveen Minnesota Quality Municipal Income Fund (NMS) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAN and NMS?
Across a 3-year window, the weekly returns of NAN and NMS correlate at 0.63, strong. The link has loosened recently: the 1-year correlation (0.48) runs below the 3-year figure (0.63). Stretching to 5 years gives 0.44, with an annualized covariance of 76.4 %².
By 3-year correlation, NMS places #9 of the 15 assets tracked against NAN. Twelve-month performance is nearly a tie, at +8.2% for NAN and +4.1% for NMS.
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 NMS: side by side
| NAN (Nuveen New York Quality Municipal Income Fund) | NMS (Nuveen Minnesota Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +8.2% | +4.1% |
| 5-year return | -2.8% | -9.9% |
| Volatility (ann.) | 10.3% | 11.7% |
| Beta vs S&P 500 | 0.26 | 0.23 |
| Max drawdown (3Y) | -11.2% | -12.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | 30.5 | 9.5 |
| Dividend yield | 7.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAN | NMS |
|---|---|---|
| 2022 | -24.0% | -21.9% |
| 2023 | +8.2% | +1.6% |
| 2024 | +10.2% | +19.6% |
| 2025 | +6.6% | +2.2% |
| 2026 | +2.3% | -2.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAN and NMS good diversifiers for each other?
Only partially. A correlation of 0.63 means NAN and NMS 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 NMS?
As of 2026-08-27, the correlation of weekly returns between NAN and NMS is 0.63 over 3 years, 0.48 over 1 year and 0.44 over 5 years.
Is NMS a good diversifier for NAN?
Only partially. A correlation of 0.63 means NAN and NMS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 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-nms.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nan-vs-nms/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAN correlations · NMS correlations
