NBH vs TVE: Correlation
How closely do Neuberger Municipal Fund Inc. (NBH) and Tennessee Valley Authority (TVE) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBH and TVE?
Over the past 3 years, NBH and TVE moved with a correlation of 0.45, which is moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 31.8 %².
By 3-year correlation, TVE places #11 of the 17 assets tracked against NBH. Over the last 12 months NBH came out ahead by 8.5 percentage points (+10.2% against +1.7%). Note the risk asymmetry: NBH runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TVE: side by side
| NBH (Neuberger Municipal Fund Inc.) | TVE (Tennessee Valley Authority) | |
|---|---|---|
| 1-year return | +10.2% | +1.7% |
| 5-year return | -21.0% | +0.6% |
| Volatility (ann.) | 11.4% | 6.1% |
| Beta vs S&P 500 | 0.30 | 0.08 |
| Max drawdown (3Y) | -11.1% | -5.7% |
| Market cap | – | – |
| P/E (trailing) | 14.6 | – |
| Dividend yield | 6.35% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBH | TVE |
|---|---|---|
| 2022 | -28.2% | -13.5% |
| 2023 | +4.0% | +7.2% |
| 2024 | +5.3% | +0.1% |
| 2025 | +4.2% | +12.1% |
| 2026 | +4.7% | -2.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBH and TVE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NBH and TVE?
As of 2026-08-27, the correlation of weekly returns between NBH and TVE is 0.45 over 3 years, 0.44 over 1 year and 0.24 over 5 years.
Is TVE a good diversifier for NBH?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 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-tve.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nbh-vs-tve/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NBH correlations · TVE correlations
