NEA vs NPV: Correlation
Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Nuveen Virginia Quality Municipal Income Fund (NPV) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and NPV?
On 3 years of weekly data the NEA/NPV correlation comes out at 0.72, strong. Recent behaviour matches the longer record: 0.64 over 1 year against 0.72 over 3. The 5-year figure is 0.62, and annualized covariance runs at 93.1 %².
By 3-year correlation, NPV places #21 of the 36 assets tracked against NEA. The trailing year gives NEA the advantage: +10.4% versus +0.3%, a 10.1-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 NPV: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | NPV (Nuveen Virginia Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +10.4% | +0.3% |
| 5-year return | -4.4% | -20.8% |
| Volatility (ann.) | 10.9% | 11.9% |
| Beta vs S&P 500 | 0.28 | 0.23 |
| Max drawdown (3Y) | -11.3% | -18.3% |
| Market cap | $3.4B | $0.2B |
| P/E (trailing) | 14.5 | 9.3 |
| Dividend yield | 7.70% | 8.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | NPV |
|---|---|---|
| 2022 | -23.3% | -31.5% |
| 2023 | +0.8% | +0.4% |
| 2024 | +9.5% | +24.6% |
| 2025 | +11.3% | -5.9% |
| 2026 | +1.7% | -0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and NPV good diversifiers for each other?
Only partially. A correlation of 0.72 means NEA and NPV 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 NPV?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.64 over the last year and 0.62 over 5 years.
Is NPV a good diversifier for NEA?
Only partially. A correlation of 0.72 means NEA and NPV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 mean?
On the −1 to +1 scale, 0.72 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-npv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nea-vs-npv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NEA correlations · NPV correlations
