NEA vs NMI: Correlation
Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Nuveen Municipal Income Fund, Inc. (NMI) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and NMI?
Across a 3-year window, the weekly returns of NEA and NMI correlate at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.44 over 3 years. Stretching to 5 years gives 0.46, with an annualized covariance of 61.0 %².
By 3-year correlation, NMI places #30 of the 36 assets tracked against NEA. Neither side won the trailing year by much: +10.4% against +11.4%.
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.
NEA vs NMI: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | NMI (Nuveen Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +10.4% | +11.4% |
| 5-year return | -4.4% | +8.0% |
| Volatility (ann.) | 10.9% | 12.7% |
| Beta vs S&P 500 | 0.28 | 0.20 |
| Max drawdown (3Y) | -11.3% | -11.0% |
| Market cap | $3.4B | – |
| P/E (trailing) | 14.5 | 18.2 |
| Dividend yield | 7.70% | 4.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | NMI |
|---|---|---|
| 2022 | -23.3% | -15.0% |
| 2023 | +0.8% | +1.9% |
| 2024 | +9.5% | +7.0% |
| 2025 | +11.3% | +10.5% |
| 2026 | +1.7% | +7.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and NMI good diversifiers for each other?
Reasonably. At 0.44, NEA and NMI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NEA and NMI?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.32 over the last year and 0.46 over 5 years.
Is NMI a good diversifier for NEA?
Reasonably. At 0.44, NEA and NMI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NEA correlations · NMI correlations
