NCA vs NLOP: Correlation
Measured on weekly returns over the past three years, Nuveen California Municipal Value Fund (NCA) and Net Lease Office Properties (NLOP) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCA and NLOP?
On 3 years of weekly data the NCA/NLOP correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.07) runs above the 3-year figure (-0.23). The 5-year figure is n/a, and annualized covariance runs at -104.0 %².
NLOP is close to the least connected end of NCA's tracked universe, ranking #8 of 10. Their 12-month results are close: +11.5% for NCA against +8.0% for NLOP. Risk is not evenly split, since NLOP carries 3.2 times the volatility of the other side.
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 NLOP: side by side
| NCA (Nuveen California Municipal Value Fund) | NLOP (Net Lease Office Properties) | |
|---|---|---|
| 1-year return | +11.5% | +8.0% |
| 5-year return | +2.8% | n/a |
| Volatility (ann.) | 12.3% | 39.2% |
| Beta vs S&P 500 | 0.30 | 0.18 |
| Max drawdown (3Y) | -10.6% | -46.0% |
| Market cap | – | $0.2B |
| P/E (trailing) | 25.9 | – |
| Dividend yield | 3.83% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCA | NLOP |
|---|---|---|
| 2022 | -13.5% | – |
| 2023 | +10.4% | – |
| 2024 | -1.9% | +68.9% |
| 2025 | +10.3% | +5.9% |
| 2026 | +4.1% | +8.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCA and NLOP good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between NCA and NLOP?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.07 over the last year and n/a over 5 years.
Is NLOP a good diversifier for NCA?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 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.
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Related comparisons
Hubs: NCA correlations · NLOP correlations
