NNY vs NVG: Correlation
Nuveen New York Municipal Value Fund (NNY) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNY and NVG?
On 3 years of weekly data the NNY/NVG correlation comes out at 0.63, strong. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. The 5-year figure is 0.50, and annualized covariance runs at 71.2 %².
Few assets follow NNY as closely as NVG, which ranks #2 of 10 tracked partners. The trailing year gives NVG the advantage: +6.0% versus +12.4%, a 6.4-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.
NNY vs NVG: side by side
| NNY (Nuveen New York Municipal Value Fund) | NVG (Nuveen AMT-Free Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +6.0% | +12.4% |
| 5-year return | -2.8% | -7.8% |
| Volatility (ann.) | 8.8% | 13.0% |
| Beta vs S&P 500 | 0.19 | 0.32 |
| Max drawdown (3Y) | -8.2% | -12.9% |
| Market cap | – | $2.7B |
| P/E (trailing) | 25.5 | 13.8 |
| Dividend yield | 4.34% | 7.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NNY | NVG |
|---|---|---|
| 2022 | -13.4% | -28.5% |
| 2023 | +4.3% | +2.0% |
| 2024 | +1.2% | +10.8% |
| 2025 | +11.2% | +11.6% |
| 2026 | -1.8% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNY and NVG good diversifiers for each other?
To a limited degree. At 0.63 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 NVG?
The NNY/NVG correlation stands at 0.63 on a 3-year window (1 year: 0.61, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is NVG a good diversifier for NNY?
To a limited degree. At 0.63 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 0.63 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/nny-vs-nvg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nny-vs-nvg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NNY correlations · NVG correlations
