NBB vs NZF: Correlation
Nuveen Taxable Municipal Income Fund (NBB) and Nuveen Municipal Credit Income Fund (NZF) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBB and NZF?
Over the past 3 years, NBB and NZF moved with a correlation of 0.73, which is strong. Recent behaviour matches the longer record: 0.69 over 1 year against 0.73 over 3. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 102.2 %².
Among the 19 assets we track against NBB, NZF ranks #5 by 3-year correlation. On 12-month performance NZF holds a 5.5-point edge, +5.3% against +10.8%.
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 NZF: side by side
| NBB (Nuveen Taxable Municipal Income Fund) | NZF (Nuveen Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +5.3% | +10.8% |
| 5-year return | -5.4% | -4.1% |
| Volatility (ann.) | 12.0% | 11.6% |
| Beta vs S&P 500 | 0.22 | 0.30 |
| Max drawdown (3Y) | -11.4% | -12.4% |
| Market cap | – | $2.4B |
| P/E (trailing) | 16.4 | 13.5 |
| Dividend yield | 0.00% | 7.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBB | NZF |
|---|---|---|
| 2022 | -24.6% | -25.5% |
| 2023 | +7.6% | +2.5% |
| 2024 | +1.4% | +10.1% |
| 2025 | +13.6% | +11.8% |
| 2026 | +2.4% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBB and NZF good diversifiers for each other?
To a limited degree. At 0.73 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NBB and NZF?
As of 2026-08-27, the correlation of weekly returns between NBB and NZF is 0.73 over 3 years, 0.69 over 1 year and 0.68 over 5 years.
Is NZF a good diversifier for NBB?
To a limited degree. At 0.73 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
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-nzf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nbb-vs-nzf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NBB correlations · NZF correlations
