NNY vs NRK: Correlation
How closely do Nuveen New York Municipal Value Fund (NNY) and Nuveen New York AMT-Free Quality Municipal Income Fund (NRK) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNY and NRK?
Over the past 3 years, NNY and NRK moved with a correlation of 0.62, which is strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 58.1 %².
By 3-year correlation, NRK places #4 of the 10 assets tracked against NNY. On 12-month performance NRK holds a 11.4-point edge, +6.0% against +17.4%.
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.
NNY vs NRK: side by side
| NNY (Nuveen New York Municipal Value Fund) | NRK (Nuveen New York AMT-Free Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | +6.0% | +17.4% |
| 5-year return | -2.8% | -2.0% |
| Volatility (ann.) | 8.8% | 10.7% |
| Beta vs S&P 500 | 0.19 | 0.27 |
| Max drawdown (3Y) | -8.2% | -11.5% |
| Market cap | – | $0.9B |
| P/E (trailing) | 25.5 | 32.1 |
| Dividend yield | 4.34% | 8.15% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NNY | NRK |
|---|---|---|
| 2022 | -13.4% | -21.8% |
| 2023 | +4.3% | +7.1% |
| 2024 | +1.2% | +5.9% |
| 2025 | +11.2% | +4.7% |
| 2026 | -1.8% | +7.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNY and NRK good diversifiers for each other?
To a limited degree. At 0.62 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 NNY and NRK?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.66 over the last year and 0.56 over 5 years.
Is NRK a good diversifier for NNY?
To a limited degree. At 0.62 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 0.62 mean?
A reading of 0.62 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/nny-vs-nrk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nny-vs-nrk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NNY correlations · NRK correlations
