NCA vs NEA: Correlation
Measured on weekly returns over the past three years, Nuveen California Municipal Value Fund (NCA) and Nuveen AMT-Free Quality Municipal Income Fund (NEA) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCA and NEA?
On 3 years of weekly data the NCA/NEA correlation comes out at 0.66, strong. The link has loosened recently: the 1-year correlation (0.46) runs below the 3-year figure (0.66). The 5-year figure is 0.63, and annualized covariance runs at 87.8 %².
In NCA's tracked universe of 10 assets, NEA sits right near the top at #1. Twelve-month performance is nearly a tie, at +11.5% for NCA and +10.4% for NEA.
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.
NCA vs NEA: side by side
| NCA (Nuveen California Municipal Value Fund) | NEA (Nuveen AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +11.5% | +10.4% |
| 5-year return | +2.8% | -4.4% |
| Volatility (ann.) | 12.3% | 10.9% |
| Beta vs S&P 500 | 0.30 | 0.28 |
| Max drawdown (3Y) | -10.6% | -11.3% |
| Market cap | – | $3.4B |
| P/E (trailing) | 25.9 | 14.5 |
| Dividend yield | 3.83% | 7.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCA | NEA |
|---|---|---|
| 2022 | -13.5% | -23.3% |
| 2023 | +10.4% | +0.8% |
| 2024 | -1.9% | +9.5% |
| 2025 | +10.3% | +11.3% |
| 2026 | +4.1% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCA and NEA good diversifiers for each other?
Only partially. A correlation of 0.66 means NCA and NEA 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 NCA and NEA?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.46 over the last year and 0.63 over 5 years.
Is NEA a good diversifier for NCA?
Only partially. A correlation of 0.66 means NCA and NEA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 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/nca-vs-nea.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nca-vs-nea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NCA correlations · NEA correlations
