NBB vs NVG: Correlation
Measured on weekly returns over the past three years, Nuveen Taxable Municipal Income Fund (NBB) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBB and NVG?
Across a 3-year window, the weekly returns of NBB and NVG correlate at 0.73, strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.73 over 3. Stretching to 5 years gives 0.67, with an annualized covariance of 113.2 %².
By 3-year correlation, NVG places #4 of the 19 assets tracked against NBB. Over the last 12 months NVG came out ahead by 7.1 percentage points (+5.3% against +12.4%).
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.
NBB vs NVG: side by side
| NBB (Nuveen Taxable Municipal Income Fund) | NVG (Nuveen AMT-Free Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +5.3% | +12.4% |
| 5-year return | -5.4% | -7.8% |
| Volatility (ann.) | 12.0% | 13.0% |
| Beta vs S&P 500 | 0.22 | 0.32 |
| Max drawdown (3Y) | -11.4% | -12.9% |
| Market cap | – | $2.7B |
| P/E (trailing) | 16.4 | 13.8 |
| Dividend yield | 0.00% | 7.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBB | NVG |
|---|---|---|
| 2022 | -24.6% | -28.5% |
| 2023 | +7.6% | +2.0% |
| 2024 | +1.4% | +10.8% |
| 2025 | +13.6% | +11.6% |
| 2026 | +2.4% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBB and NVG good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NBB and NVG?
As of 2026-08-27, the correlation of weekly returns between NBB and NVG is 0.73 over 3 years, 0.71 over 1 year and 0.67 over 5 years.
Is NVG a good diversifier for NBB?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
A reading of 0.73 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/nbb-vs-nvg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nbb-vs-nvg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NBB correlations · NVG correlations
