NEA vs VCV: Correlation
Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Invesco California Value Municipal Income Trust (VCV) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and VCV?
On 3 years of weekly data the NEA/VCV correlation comes out at 0.74, strong. The link has loosened recently: the 1-year correlation (0.62) runs below the 3-year figure (0.74). The 5-year figure is 0.77, and annualized covariance runs at 108.8 %².
Within NEA's tracked universe of 36 assets, VCV comes in at #20 by 3-year correlation. Twelve-month performance is nearly a tie, at +10.4% for NEA and +10.5% for VCV.
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 VCV: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | VCV (Invesco California Value Municipal Income Trust) | |
|---|---|---|
| 1-year return | +10.4% | +10.5% |
| 5-year return | -4.4% | -0.3% |
| Volatility (ann.) | 10.9% | 13.6% |
| Beta vs S&P 500 | 0.28 | 0.24 |
| Max drawdown (3Y) | -11.3% | -13.3% |
| Market cap | $3.4B | $0.5B |
| P/E (trailing) | 14.5 | 40.4 |
| Dividend yield | 7.70% | 7.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | VCV |
|---|---|---|
| 2022 | -23.3% | -28.4% |
| 2023 | +0.8% | +7.9% |
| 2024 | +9.5% | +18.7% |
| 2025 | +11.3% | +9.5% |
| 2026 | +1.7% | -0.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and VCV good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NEA and VCV?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.62 over the last year and 0.77 over 5 years.
Is VCV a good diversifier for NEA?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
A reading of 0.74 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nea-vs-vcv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nea-vs-vcv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NEA correlations · VCV correlations
