NIM vs NZF: Correlation
Measured on weekly returns over the past three years, Nuveen Select Maturities Municipal Fund (NIM) and Nuveen Municipal Credit Income Fund (NZF) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NIM and NZF?
Over the past 3 years, NIM and NZF moved with a correlation of 0.61, which is strong. The past 12 months show a weaker link (0.50) than the 3-year average (0.61). Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 59.4 %².
Few assets follow NIM as closely as NZF, which ranks #3 of 13 tracked partners. Over the last 12 months NZF came out ahead by 5.3 percentage points (+5.5% against +10.8%).
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.
NIM vs NZF: side by side
| NIM (Nuveen Select Maturities Municipal Fund) | NZF (Nuveen Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +5.5% | +10.8% |
| 5-year return | +1.3% | -4.1% |
| Volatility (ann.) | 8.4% | 11.6% |
| Beta vs S&P 500 | 0.16 | 0.30 |
| Max drawdown (3Y) | -6.8% | -12.4% |
| Market cap | $0.1B | $2.4B |
| P/E (trailing) | 24.4 | 13.5 |
| Dividend yield | 3.66% | 7.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NIM | NZF |
|---|---|---|
| 2022 | -12.9% | -25.5% |
| 2023 | +0.8% | +2.5% |
| 2024 | +2.8% | +10.1% |
| 2025 | +10.9% | +11.8% |
| 2026 | +2.0% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NIM and NZF good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NIM and NZF?
As of 2026-08-27, the correlation of weekly returns between NIM and NZF is 0.61 over 3 years, 0.50 over 1 year and 0.50 over 5 years.
Is NZF a good diversifier for NIM?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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/nim-vs-nzf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nim-vs-nzf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NIM correlations · NZF correlations
