NEA vs VGI: Correlation
Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Virtus Global Multi-Sector Income Fund (VGI) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and VGI?
Over the past 3 years, NEA and VGI moved with a correlation of 0.77, which is strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 85.1 %².
By 3-year correlation, VGI places #16 of the 36 assets tracked against NEA. Over the last 12 months NEA came out ahead by 6.6 percentage points (+10.4% against +3.8%).
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 VGI: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | VGI (Virtus Global Multi-Sector Income Fund) | |
|---|---|---|
| 1-year return | +10.4% | +3.8% |
| 5-year return | -4.4% | +11.9% |
| Volatility (ann.) | 10.9% | 10.3% |
| Beta vs S&P 500 | 0.28 | 0.38 |
| Max drawdown (3Y) | -11.3% | -11.3% |
| Market cap | $3.4B | $0.1B |
| P/E (trailing) | 14.5 | 7.8 |
| Dividend yield | 7.70% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | VGI |
|---|---|---|
| 2022 | -23.3% | -22.3% |
| 2023 | +0.8% | +13.4% |
| 2024 | +9.5% | +10.4% |
| 2025 | +11.3% | +16.1% |
| 2026 | +1.7% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and VGI good diversifiers for each other?
Only partially. A correlation of 0.77 means NEA and VGI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NEA and VGI?
As of 2026-08-27, the correlation of weekly returns between NEA and VGI is 0.77 over 3 years, 0.75 over 1 year and 0.65 over 5 years.
Is VGI a good diversifier for NEA?
Only partially. A correlation of 0.77 means NEA and VGI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 mean?
A reading of 0.77 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-vgi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nea-vs-vgi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NEA correlations · VGI correlations
