NMS vs NPV: Correlation
How closely do Nuveen Minnesota Quality Municipal Income Fund (NMS) and Nuveen Virginia Quality Municipal Income Fund (NPV) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMS and NPV?
On 3 years of weekly data the NMS/NPV correlation comes out at 0.63, strong. The past 12 months show a weaker link (0.52) than the 3-year average (0.63). The 5-year figure is 0.44, and annualized covariance runs at 88.5 %².
NPV is one of the assets that tracks NMS most closely: it ranks #2 out of the 11 assets we track against NMS. Twelve-month performance is nearly a tie, at +4.1% for NMS and +0.3% for NPV.
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.
NMS vs NPV: side by side
| NMS (Nuveen Minnesota Quality Municipal Income Fund) | NPV (Nuveen Virginia Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +4.1% | +0.3% |
| 5-year return | -9.9% | -20.8% |
| Volatility (ann.) | 11.7% | 11.9% |
| Beta vs S&P 500 | 0.23 | 0.23 |
| Max drawdown (3Y) | -12.8% | -18.3% |
| Market cap | $0.1B | $0.2B |
| P/E (trailing) | 9.5 | 9.3 |
| Dividend yield | 0.00% | 8.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMS | NPV |
|---|---|---|
| 2022 | -21.9% | -31.5% |
| 2023 | +1.6% | +0.4% |
| 2024 | +19.6% | +24.6% |
| 2025 | +2.2% | -5.9% |
| 2026 | -2.2% | -0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMS and NPV good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NMS and NPV?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.52 over the last year and 0.44 over 5 years.
Is NPV a good diversifier for NMS?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 mean?
On the −1 to +1 scale, 0.63 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/nms-vs-npv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nms-vs-npv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NMS correlations · NPV correlations
