NBH vs NUW: Correlation
Measured on weekly returns over the past three years, Neuberger Municipal Fund Inc. (NBH) and Nuveen AMT-Free Municipal Value Fund (NUW) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBH and NUW?
On 3 years of weekly data the NBH/NUW correlation comes out at 0.72, strong. The relationship has been stable: the 1-year correlation (0.72) sits close to the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 71.6 %².
By 3-year correlation, NUW places #6 of the 17 assets tracked against NBH. Twelve-month performance is nearly a tie, at +10.2% for NBH and +5.9% for NUW.
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.
NBH vs NUW: side by side
| NBH (Neuberger Municipal Fund Inc.) | NUW (Nuveen AMT-Free Municipal Value Fund) | |
|---|---|---|
| 1-year return | +10.2% | +5.9% |
| 5-year return | -21.0% | -1.6% |
| Volatility (ann.) | 11.4% | 8.7% |
| Beta vs S&P 500 | 0.30 | 0.15 |
| Max drawdown (3Y) | -11.1% | -7.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | 14.6 | 16.0 |
| Dividend yield | 6.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBH | NUW |
|---|---|---|
| 2022 | -28.2% | -15.2% |
| 2023 | +4.0% | +3.8% |
| 2024 | +5.3% | +3.6% |
| 2025 | +4.2% | +9.9% |
| 2026 | +4.7% | -0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBH and NUW good diversifiers for each other?
Only partially. A correlation of 0.72 means NBH and NUW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NBH and NUW?
As of 2026-08-27, the correlation of weekly returns between NBH and NUW is 0.72 over 3 years, 0.72 over 1 year and 0.54 over 5 years.
Is NUW a good diversifier for NBH?
Only partially. A correlation of 0.72 means NBH and NUW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 mean?
A reading of 0.72 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/nbh-vs-nuw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nbh-vs-nuw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NBH correlations · NUW correlations
