NCA vs NRK: Correlation
Measured on weekly returns over the past three years, Nuveen California Municipal Value Fund (NCA) and Nuveen New York AMT-Free Quality Municipal Income Fund (NRK) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCA and NRK?
On 3 years of weekly data the NCA/NRK correlation comes out at 0.63, strong. The link has loosened recently: the 1-year correlation (0.42) runs below the 3-year figure (0.63). The 5-year figure is 0.63, and annualized covariance runs at 83.6 %².
Among the 10 assets we track against NCA, NRK ranks #5 by 3-year correlation. Over the last 12 months NRK came out ahead by 5.9 percentage points (+11.5% against +17.4%).
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 NRK: side by side
| NCA (Nuveen California Municipal Value Fund) | NRK (Nuveen New York AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +11.5% | +17.4% |
| 5-year return | +2.8% | -2.0% |
| Volatility (ann.) | 12.3% | 10.7% |
| Beta vs S&P 500 | 0.30 | 0.27 |
| Max drawdown (3Y) | -10.6% | -11.5% |
| Market cap | – | $0.9B |
| P/E (trailing) | 25.9 | 32.1 |
| Dividend yield | 3.83% | 8.15% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCA | NRK |
|---|---|---|
| 2022 | -13.5% | -21.8% |
| 2023 | +10.4% | +7.1% |
| 2024 | -1.9% | +5.9% |
| 2025 | +10.3% | +4.7% |
| 2026 | +4.1% | +7.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCA and NRK good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NCA and NRK?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.42 over the last year and 0.63 over 5 years.
Is NRK a good diversifier for NCA?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 mean?
On the −1 to +1 scale, 0.63 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nca-vs-nrk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nca-vs-nrk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NCA correlations · NRK correlations
