NAZ vs NMT: Correlation
How closely do Nuveen Arizona Quality Municipal Income Fund (NAZ) and Nuveen Massachusetts Quality Municipal Income Fund (NMT) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAZ and NMT?
Over the past 3 years, NAZ and NMT moved with a correlation of 0.63, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.37 versus 0.63 over 3 years. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 72.0 %².
Few assets follow NAZ as closely as NMT, which ranks #3 of 12 tracked partners. The trailing year gives NMT the advantage: +10.9% versus +19.8%, a 8.9-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.
NAZ vs NMT: side by side
| NAZ (Nuveen Arizona Quality Municipal Income Fund) | NMT (Nuveen Massachusetts Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.9% | +19.8% |
| 5-year return | +0.2% | +6.8% |
| Volatility (ann.) | 11.7% | 9.8% |
| Beta vs S&P 500 | 0.25 | 0.20 |
| Max drawdown (3Y) | -13.8% | -9.6% |
| Market cap | – | – |
| P/E (trailing) | 22.0 | 12.2 |
| Dividend yield | 6.73% | 6.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAZ | NMT |
|---|---|---|
| 2022 | -27.2% | -30.4% |
| 2023 | -0.5% | +2.6% |
| 2024 | +13.0% | +16.3% |
| 2025 | +12.1% | +5.8% |
| 2026 | +8.1% | +15.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAZ and NMT good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NAZ and NMT?
The NAZ/NMT correlation stands at 0.63 on a 3-year window (1 year: 0.37, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is NMT a good diversifier for NAZ?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
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/naz-vs-nmt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/naz-vs-nmt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAZ correlations · NMT correlations
