NEA vs RFM: Correlation
Measured on weekly returns over the past three years, Nuveen AMT-Free Quality Municipal Income Fund (NEA) and RiverNorth Flexible Municipal Income Fund, Inc. (RFM) carry a correlation of 0.79, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and RFM?
Across a 3-year window, the weekly returns of NEA and RFM correlate at 0.79, strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.79 over 3. Stretching to 5 years gives 0.77, with an annualized covariance of 102.6 %².
Within NEA's tracked universe of 36 assets, RFM comes in at #14 by 3-year correlation. Neither side won the trailing year by much: +10.4% against +12.8%.
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 RFM: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | RFM (RiverNorth Flexible Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +10.4% | +12.8% |
| 5-year return | -4.4% | -7.4% |
| Volatility (ann.) | 10.9% | 12.0% |
| Beta vs S&P 500 | 0.28 | 0.38 |
| Max drawdown (3Y) | -11.3% | -16.0% |
| Market cap | $3.4B | $0.1B |
| P/E (trailing) | 14.5 | 159.2 |
| Dividend yield | 7.70% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | RFM |
|---|---|---|
| 2022 | -23.3% | -22.9% |
| 2023 | +0.8% | +9.3% |
| 2024 | +9.5% | +3.2% |
| 2025 | +11.3% | +1.6% |
| 2026 | +1.7% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and RFM good diversifiers for each other?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NEA and RFM?
As of 2026-08-27, the correlation of weekly returns between NEA and RFM is 0.79 over 3 years, 0.72 over 1 year and 0.77 over 5 years.
Is RFM a good diversifier for NEA?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.79 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nea-vs-rfm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nea-vs-rfm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NEA correlations · RFM correlations
