NAN vs NZF: Correlation
Nuveen New York Quality Municipal Income Fund (NAN) and Nuveen Municipal Credit Income Fund (NZF) show a very strong relationship: their 3-year correlation of weekly returns is 0.81.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAN and NZF?
On 3 years of weekly data the NAN/NZF correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.72 lands near the 3-year figure. The 5-year figure is 0.82, and annualized covariance runs at 97.2 %².
Within NAN's tracked universe of 15 assets, NZF comes in at #5 by 3-year correlation. Twelve-month performance is nearly a tie, at +8.2% for NAN and +10.8% for NZF.
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 NZF: side by side
| NAN (Nuveen New York Quality Municipal Income Fund) | NZF (Nuveen Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +8.2% | +10.8% |
| 5-year return | -2.8% | -4.1% |
| Volatility (ann.) | 10.3% | 11.6% |
| Beta vs S&P 500 | 0.26 | 0.30 |
| Max drawdown (3Y) | -11.2% | -12.4% |
| Market cap | – | $2.4B |
| P/E (trailing) | 30.5 | 13.5 |
| Dividend yield | 7.90% | 7.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAN | NZF |
|---|---|---|
| 2022 | -24.0% | -25.5% |
| 2023 | +8.2% | +2.5% |
| 2024 | +10.2% | +10.1% |
| 2025 | +6.6% | +11.8% |
| 2026 | +2.3% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAN and NZF good diversifiers for each other?
No: a correlation of 0.81 means NAN and NZF tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between NAN and NZF?
As of 2026-08-27, the correlation of weekly returns between NAN and NZF is 0.81 over 3 years, 0.72 over 1 year and 0.82 over 5 years.
Is NZF a good diversifier for NAN?
No: a correlation of 0.81 means NAN and NZF tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.81 mean?
On the −1 to +1 scale, 0.81 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-nzf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nan-vs-nzf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NAN correlations · NZF correlations
