NAN vs NVG: Correlation
Measured on weekly returns over the past three years, Nuveen New York Quality Municipal Income Fund (NAN) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAN and NVG?
Across a 3-year window, the weekly returns of NAN and NVG correlate at 0.83, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.79 lands near the 3-year figure. Stretching to 5 years gives 0.81, with an annualized covariance of 110.9 %².
NVG is one of the assets that tracks NAN most closely: it ranks #2 out of the 15 assets we track against NAN. Twelve-month performance is nearly a tie, at +8.2% for NAN and +12.4% for NVG.
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 NVG: side by side
| NAN (Nuveen New York Quality Municipal Income Fund) | NVG (Nuveen AMT-Free Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +8.2% | +12.4% |
| 5-year return | -2.8% | -7.8% |
| Volatility (ann.) | 10.3% | 13.0% |
| Beta vs S&P 500 | 0.26 | 0.32 |
| Max drawdown (3Y) | -11.2% | -12.9% |
| Market cap | – | $2.7B |
| P/E (trailing) | 30.5 | 13.8 |
| Dividend yield | 7.90% | 7.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAN | NVG |
|---|---|---|
| 2022 | -24.0% | -28.5% |
| 2023 | +8.2% | +2.0% |
| 2024 | +10.2% | +10.8% |
| 2025 | +6.6% | +11.6% |
| 2026 | +2.3% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAN and NVG good diversifiers for each other?
No. With a correlation of 0.83, NAN and NVG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between NAN and NVG?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.79 over the last year and 0.81 over 5 years.
Is NVG a good diversifier for NAN?
No. With a correlation of 0.83, NAN and NVG move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.83 mean?
On the −1 to +1 scale, 0.83 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nan-vs-nvg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nan-vs-nvg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAN correlations · NVG correlations
