NL vs NUV: Correlation
Measured on weekly returns over the past three years, NLI Holdings, Inc. (NL) and Nuveen Municipal Value Fund, Inc. (NUV) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NL and NUV?
Across a 3-year window, the weekly returns of NL and NUV correlate at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.40) runs below the 3-year figure (-0.22). Stretching to 5 years gives 0.02, with an annualized covariance of -76.3 %².
Among the 12 assets we track against NL, NUV sits near the bottom by co-movement, at rank #10. Neither side won the trailing year by much: +3.6% against +8.1%. Risk is not evenly split, since NL carries 4.9 times the volatility of the other side.
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.
NL vs NUV: side by side
| NL (NLI Holdings, Inc.) | NUV (Nuveen Municipal Value Fund, Inc.) | |
|---|---|---|
| 1-year return | +3.6% | +8.1% |
| 5-year return | +41.5% | -6.9% |
| Volatility (ann.) | 41.2% | 8.4% |
| Beta vs S&P 500 | 0.73 | 0.18 |
| Max drawdown (3Y) | -38.9% | -6.4% |
| Market cap | – | $1.9B |
| P/E (trailing) | – | 17.6 |
| Dividend yield | 5.77% | 4.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NL | NUV |
|---|---|---|
| 2022 | -1.3% | -14.0% |
| 2023 | -13.5% | +4.0% |
| 2024 | +54.9% | +4.0% |
| 2025 | -23.0% | +10.3% |
| 2026 | +23.4% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NL and NUV good diversifiers for each other?
Yes. With a correlation of -0.22, NL and NUV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NL and NUV?
As of 2026-08-27, the correlation of weekly returns between NL and NUV is -0.22 over 3 years, -0.40 over 1 year and 0.02 over 5 years.
Is NUV a good diversifier for NL?
Yes. With a correlation of -0.22, NL and NUV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/nl-vs-nuv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nl-vs-nuv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NL correlations · NUV correlations
