NCA vs VGI: Correlation
Nuveen California Municipal Value Fund (NCA) and Virtus Global Multi-Sector Income Fund (VGI) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCA and VGI?
Across a 3-year window, the weekly returns of NCA and VGI correlate at 0.64, strong. The link has loosened recently: the 1-year correlation (0.43) runs below the 3-year figure (0.64). Stretching to 5 years gives 0.57, with an annualized covariance of 80.3 %².
In NCA's tracked universe of 10 assets, VGI sits right near the top at #3. Over the last 12 months NCA came out ahead by 7.7 percentage points (+11.5% against +3.8%).
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 VGI: side by side
| NCA (Nuveen California Municipal Value Fund) | VGI (Virtus Global Multi-Sector Income Fund) | |
|---|---|---|
| 1-year return | +11.5% | +3.8% |
| 5-year return | +2.8% | +11.9% |
| Volatility (ann.) | 12.3% | 10.3% |
| Beta vs S&P 500 | 0.30 | 0.38 |
| Max drawdown (3Y) | -10.6% | -11.3% |
| Market cap | – | $0.1B |
| P/E (trailing) | 25.9 | 7.8 |
| Dividend yield | 3.83% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCA | VGI |
|---|---|---|
| 2022 | -13.5% | -22.3% |
| 2023 | +10.4% | +13.4% |
| 2024 | -1.9% | +10.4% |
| 2025 | +10.3% | +16.1% |
| 2026 | +4.1% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCA and VGI good diversifiers for each other?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NCA and VGI?
As of 2026-08-27, the correlation of weekly returns between NCA and VGI is 0.64 over 3 years, 0.43 over 1 year and 0.57 over 5 years.
Is VGI a good diversifier for NCA?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.64 mean?
On the −1 to +1 scale, 0.64 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-vgi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nca-vs-vgi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NCA correlations · VGI correlations
