NMT vs NVG: Correlation
Measured on weekly returns over the past three years, Nuveen Massachusetts Quality Municipal Income Fund (NMT) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMT and NVG?
Across a 3-year window, the weekly returns of NMT and NVG correlate at 0.66, strong. The past 12 months show a weaker link (0.30) than the 3-year average (0.66). Stretching to 5 years gives 0.66, with an annualized covariance of 82.9 %².
NVG is one of the assets that tracks NMT most closely: it ranks #3 out of the 13 assets we track against NMT. The trailing year gives NMT the advantage: +19.8% versus +12.4%, a 7.4-point spread.
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.
NMT vs NVG: side by side
| NMT (Nuveen Massachusetts Quality Municipal Income Fund) | NVG (Nuveen AMT-Free Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +19.8% | +12.4% |
| 5-year return | +6.8% | -7.8% |
| Volatility (ann.) | 9.8% | 13.0% |
| Beta vs S&P 500 | 0.20 | 0.32 |
| Max drawdown (3Y) | -9.6% | -12.9% |
| Market cap | – | $2.7B |
| P/E (trailing) | 12.2 | 13.8 |
| Dividend yield | 6.29% | 7.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMT | NVG |
|---|---|---|
| 2022 | -30.4% | -28.5% |
| 2023 | +2.6% | +2.0% |
| 2024 | +16.3% | +10.8% |
| 2025 | +5.8% | +11.6% |
| 2026 | +15.7% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMT and NVG good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NMT and NVG?
The NMT/NVG correlation stands at 0.66 on a 3-year window (1 year: 0.30, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is NVG a good diversifier for NMT?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nmt-vs-nvg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nmt-vs-nvg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NMT correlations · NVG correlations
