NMS vs RCON: Correlation
How closely do Nuveen Minnesota Quality Municipal Income Fund (NMS) and Recon Technology, Ltd. - Class A (RCON) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMS and RCON?
Over the past 3 years, NMS and RCON moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.48 versus -0.25 over 3 years. Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -40046.8 %².
Among the 11 assets we track against NMS, RCON sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months NMS outperformed by 26.7 percentage points (+4.1% for NMS against -22.6% for RCON). Risk is not evenly split, since RCON carries 1173.4 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.
NMS vs RCON: side by side
| NMS (Nuveen Minnesota Quality Municipal Income Fund) | RCON (Recon Technology, Ltd. - Class A) | |
|---|---|---|
| 1-year return | +4.1% | -22.6% |
| 5-year return | -9.9% | -97.1% |
| Volatility (ann.) | 11.7% | 13728.9% |
| Beta vs S&P 500 | 0.23 | 22.04 |
| Max drawdown (3Y) | -12.8% | -100.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMS | RCON |
|---|---|---|
| 2022 | -21.9% | -3.8% |
| 2023 | +1.6% | -81.7% |
| 2024 | +19.6% | -49.5% |
| 2025 | +2.2% | -24.4% |
| 2026 | -2.2% | +10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMS and RCON good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between NMS and RCON?
As of 2026-08-27, the correlation of weekly returns between NMS and RCON is -0.25 over 3 years, -0.48 over 1 year and -0.15 over 5 years.
Is RCON a good diversifier for NMS?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 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/nms-vs-rcon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nms-vs-rcon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NMS correlations · RCON correlations
