NEA vs NZF: Correlation
Measured on weekly returns over the past three years, Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Nuveen Municipal Credit Income Fund (NZF) carry a correlation of 0.92, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and NZF?
Across a 3-year window, the weekly returns of NEA and NZF correlate at 0.92, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.84 over 1 year against 0.92 over 3. Stretching to 5 years gives 0.91, with an annualized covariance of 116.1 %².
NZF is one of the assets that tracks NEA most closely: it ranks #3 out of the 36 assets we track against NEA. Twelve-month performance is nearly a tie, at +10.4% for NEA and +10.8% for NZF.
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 NZF: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | NZF (Nuveen Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +10.4% | +10.8% |
| 5-year return | -4.4% | -4.1% |
| Volatility (ann.) | 10.9% | 11.6% |
| Beta vs S&P 500 | 0.28 | 0.30 |
| Max drawdown (3Y) | -11.3% | -12.4% |
| Market cap | $3.4B | $2.4B |
| P/E (trailing) | 14.5 | 13.5 |
| Dividend yield | 7.70% | 7.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | NZF |
|---|---|---|
| 2022 | -23.3% | -25.5% |
| 2023 | +0.8% | +2.5% |
| 2024 | +9.5% | +10.1% |
| 2025 | +11.3% | +11.8% |
| 2026 | +1.7% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and NZF good diversifiers for each other?
Not really. At 0.92, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between NEA and NZF?
As of 2026-08-27, the correlation of weekly returns between NEA and NZF is 0.92 over 3 years, 0.84 over 1 year and 0.91 over 5 years.
Is NZF a good diversifier for NEA?
Not really. At 0.92, the two trade almost as one position, and owning both buys little extra protection.
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-nzf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nea-vs-nzf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NEA correlations · NZF correlations
