NAN vs NPV: Correlation
Measured on weekly returns over the past three years, Nuveen New York Quality Municipal Income Fund (NAN) and Nuveen Virginia Quality Municipal Income Fund (NPV) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAN and NPV?
Over the past 3 years, NAN and NPV moved with a correlation of 0.72, which is strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 87.6 %².
By 3-year correlation, NPV places #7 of the 15 assets tracked against NAN. The trailing year gives NAN the advantage: +8.2% versus +0.3%, a 7.9-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.
NAN vs NPV: side by side
| NAN (Nuveen New York Quality Municipal Income Fund) | NPV (Nuveen Virginia Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +8.2% | +0.3% |
| 5-year return | -2.8% | -20.8% |
| Volatility (ann.) | 10.3% | 11.9% |
| Beta vs S&P 500 | 0.26 | 0.23 |
| Max drawdown (3Y) | -11.2% | -18.3% |
| Market cap | – | $0.2B |
| P/E (trailing) | 30.5 | 9.3 |
| Dividend yield | 7.90% | 8.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAN | NPV |
|---|---|---|
| 2022 | -24.0% | -31.5% |
| 2023 | +8.2% | +0.4% |
| 2024 | +10.2% | +24.6% |
| 2025 | +6.6% | -5.9% |
| 2026 | +2.3% | -0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAN and NPV good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NAN and NPV?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.73 over the last year and 0.63 over 5 years.
Is NPV a good diversifier for NAN?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 mean?
A reading of 0.72 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nan-vs-npv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nan-vs-npv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAN correlations · NPV correlations
