NEA vs NMT: Correlation
Measured on weekly returns over the past three years, Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Nuveen Massachusetts Quality Municipal Income Fund (NMT) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and NMT?
Across a 3-year window, the weekly returns of NEA and NMT correlate at 0.67, strong. Lately the two have drifted apart, with the 1-year correlation at 0.35 versus 0.67 over 3 years. Stretching to 5 years gives 0.64, with an annualized covariance of 71.2 %².
Among the 36 assets we track against NEA, NMT ranks #24 by 3-year correlation. On 12-month performance NMT holds a 9.4-point edge, +10.4% against +19.8%.
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.
NEA vs NMT: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | NMT (Nuveen Massachusetts Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.4% | +19.8% |
| 5-year return | -4.4% | +6.8% |
| Volatility (ann.) | 10.9% | 9.8% |
| Beta vs S&P 500 | 0.28 | 0.20 |
| Max drawdown (3Y) | -11.3% | -9.6% |
| Market cap | $3.4B | – |
| P/E (trailing) | 14.5 | 12.2 |
| Dividend yield | 7.70% | 6.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | NMT |
|---|---|---|
| 2022 | -23.3% | -30.4% |
| 2023 | +0.8% | +2.6% |
| 2024 | +9.5% | +16.3% |
| 2025 | +11.3% | +5.8% |
| 2026 | +1.7% | +15.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and NMT good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NEA and NMT?
As of 2026-08-27, the correlation of weekly returns between NEA and NMT is 0.67 over 3 years, 0.35 over 1 year and 0.64 over 5 years.
Is NMT a good diversifier for NEA?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 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-nmt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nea-vs-nmt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NEA correlations · NMT correlations
