NEA vs NUV: Correlation
Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Nuveen Municipal Value Fund, Inc. (NUV) show a strong relationship: their 3-year correlation of weekly returns is 0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and NUV?
Across a 3-year window, the weekly returns of NEA and NUV correlate at 0.76, strong. Lately the two have drifted apart, with the 1-year correlation at 0.65 versus 0.76 over 3 years. Stretching to 5 years gives 0.73, with an annualized covariance of 69.7 %².
By 3-year correlation, NUV places #17 of the 36 assets tracked against NEA. Twelve-month performance is nearly a tie, at +10.4% for NEA and +8.1% for NUV.
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 NUV: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | NUV (Nuveen Municipal Value Fund, Inc.) | |
|---|---|---|
| 1-year return | +10.4% | +8.1% |
| 5-year return | -4.4% | -6.9% |
| Volatility (ann.) | 10.9% | 8.4% |
| Beta vs S&P 500 | 0.28 | 0.18 |
| Max drawdown (3Y) | -11.3% | -6.4% |
| Market cap | $3.4B | $1.9B |
| P/E (trailing) | 14.5 | 17.6 |
| Dividend yield | 7.70% | 4.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | NUV |
|---|---|---|
| 2022 | -23.3% | -14.0% |
| 2023 | +0.8% | +4.0% |
| 2024 | +9.5% | +4.0% |
| 2025 | +11.3% | +10.3% |
| 2026 | +1.7% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and NUV good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NEA and NUV?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.65 over the last year and 0.73 over 5 years.
Is NUV a good diversifier for NEA?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 mean?
On the −1 to +1 scale, 0.76 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-nuv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nea-vs-nuv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NEA correlations · NUV correlations
