NMS vs TOP: Correlation
Measured on weekly returns over the past three years, Nuveen Minnesota Quality Municipal Income Fund (NMS) and TOP Financial Group Limited - Class A (TOP) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMS and TOP?
On 3 years of weekly data the NMS/TOP correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.56 versus -0.28 over 3 years. The 5-year figure is -0.03, and annualized covariance runs at -743.7 %².
Among the 11 assets we track against NMS, TOP sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with TOP ahead by 1213.8 points (+4.1% versus +1217.9%). Note the risk asymmetry: TOP runs 19.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TOP: side by side
| NMS (Nuveen Minnesota Quality Municipal Income Fund) | TOP (TOP Financial Group Limited - Class A) | |
|---|---|---|
| 1-year return | +4.1% | +1217.9% |
| 5-year return | -9.9% | -9.2% |
| Volatility (ann.) | 11.7% | 230.2% |
| Beta vs S&P 500 | 0.23 | 1.60 |
| Max drawdown (3Y) | -12.8% | -89.6% |
| Market cap | $0.1B | $1.9B |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMS | TOP |
|---|---|---|
| 2022 | -21.9% | – |
| 2023 | +1.6% | -22.5% |
| 2024 | +19.6% | -59.5% |
| 2025 | +2.2% | -34.3% |
| 2026 | -2.2% | +1434.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMS and TOP good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between NMS and TOP?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.56 over the last year and -0.03 over 5 years.
Is TOP a good diversifier for NMS?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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-top.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nms-vs-top/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NMS correlations · TOP correlations
