NEA vs NMS: Correlation
Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Nuveen Minnesota Quality Municipal Income Fund (NMS) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and NMS?
Across a 3-year window, the weekly returns of NEA and NMS correlate at 0.62, strong. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.62). Stretching to 5 years gives 0.44, with an annualized covariance of 78.8 %².
Within NEA's tracked universe of 36 assets, NMS comes in at #28 by 3-year correlation. The trailing year gives NEA the advantage: +10.4% versus +4.1%, a 6.3-point spread.
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 NMS: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | NMS (Nuveen Minnesota Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.4% | +4.1% |
| 5-year return | -4.4% | -9.9% |
| Volatility (ann.) | 10.9% | 11.7% |
| Beta vs S&P 500 | 0.28 | 0.23 |
| Max drawdown (3Y) | -11.3% | -12.8% |
| Market cap | $3.4B | $0.1B |
| P/E (trailing) | 14.5 | 9.5 |
| Dividend yield | 7.70% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | NMS |
|---|---|---|
| 2022 | -23.3% | -21.9% |
| 2023 | +0.8% | +1.6% |
| 2024 | +9.5% | +19.6% |
| 2025 | +11.3% | +2.2% |
| 2026 | +1.7% | -2.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and NMS good diversifiers for each other?
Only partially. A correlation of 0.62 means NEA and NMS 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 NEA and NMS?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.41 over the last year and 0.44 over 5 years.
Is NMS a good diversifier for NEA?
Only partially. A correlation of 0.62 means NEA and NMS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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/nea-vs-nms.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nea-vs-nms/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NEA correlations · NMS correlations
