NCA vs NUV: Correlation
Measured on weekly returns over the past three years, Nuveen California Municipal Value Fund (NCA) and Nuveen Municipal Value Fund, Inc. (NUV) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCA and NUV?
Across a 3-year window, the weekly returns of NCA and NUV correlate at 0.65, strong. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.65). Stretching to 5 years gives 0.63, with an annualized covariance of 66.9 %².
In NCA's tracked universe of 10 assets, NUV sits right near the top at #2. Neither side won the trailing year by much: +11.5% against +8.1%.
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 NUV: side by side
| NCA (Nuveen California Municipal Value Fund) | NUV (Nuveen Municipal Value Fund, Inc.) | |
|---|---|---|
| 1-year return | +11.5% | +8.1% |
| 5-year return | +2.8% | -6.9% |
| Volatility (ann.) | 12.3% | 8.4% |
| Beta vs S&P 500 | 0.30 | 0.18 |
| Max drawdown (3Y) | -10.6% | -6.4% |
| Market cap | – | $1.9B |
| P/E (trailing) | 25.9 | 17.6 |
| Dividend yield | 3.83% | 4.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCA | NUV |
|---|---|---|
| 2022 | -13.5% | -14.0% |
| 2023 | +10.4% | +4.0% |
| 2024 | -1.9% | +4.0% |
| 2025 | +10.3% | +10.3% |
| 2026 | +4.1% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCA and NUV good diversifiers for each other?
Only partially. A correlation of 0.65 means NCA and NUV 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 NUV?
The NCA/NUV correlation stands at 0.65 on a 3-year window (1 year: 0.32, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is NUV a good diversifier for NCA?
Only partially. A correlation of 0.65 means NCA and NUV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 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-nuv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nca-vs-nuv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NCA correlations · NUV correlations
