NEA vs NVG: Correlation
How closely do Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) trade together? Their weekly returns over three years give a correlation of 0.92, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and NVG?
Across a 3-year window, the weekly returns of NEA and NVG correlate at 0.92, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.89 over 1 year against 0.92 over 3. Stretching to 5 years gives 0.89, with an annualized covariance of 129.2 %².
NVG is one of the assets that tracks NEA most closely: it ranks #2 out of the 36 assets we track against NEA. Their 12-month results are close: +10.4% for NEA against +12.4% for NVG.
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 NVG: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | NVG (Nuveen AMT-Free Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +10.4% | +12.4% |
| 5-year return | -4.4% | -7.8% |
| Volatility (ann.) | 10.9% | 13.0% |
| Beta vs S&P 500 | 0.28 | 0.32 |
| Max drawdown (3Y) | -11.3% | -12.9% |
| Market cap | $3.4B | $2.7B |
| P/E (trailing) | 14.5 | 13.8 |
| Dividend yield | 7.70% | 7.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | NVG |
|---|---|---|
| 2022 | -23.3% | -28.5% |
| 2023 | +0.8% | +2.0% |
| 2024 | +9.5% | +10.8% |
| 2025 | +11.3% | +11.6% |
| 2026 | +1.7% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and NVG good diversifiers for each other?
No: a correlation of 0.92 means NEA and NVG tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between NEA and NVG?
Using weekly returns as of 2026-08-27: 0.92 over 3 years, with 0.89 over the last year and 0.89 over 5 years.
Is NVG a good diversifier for NEA?
No: a correlation of 0.92 means NEA and NVG tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.92 mean?
On the −1 to +1 scale, 0.92 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-nvg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nea-vs-nvg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NEA correlations · NVG correlations
