NPV vs NVG: Correlation
How closely do Nuveen Virginia Quality Municipal Income Fund (NPV) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NPV and NVG?
Across a 3-year window, the weekly returns of NPV and NVG correlate at 0.72, strong. Recent behaviour matches the longer record: 0.69 over 1 year against 0.72 over 3. Stretching to 5 years gives 0.69, with an annualized covariance of 110.3 %².
Among the 12 assets we track against NPV, NVG ranks #4 by 3-year correlation. On 12-month performance NVG holds a 12.1-point edge, +0.3% against +12.4%.
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.
NPV vs NVG: side by side
| NPV (Nuveen Virginia Quality Municipal Income Fund) | NVG (Nuveen AMT-Free Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +0.3% | +12.4% |
| 5-year return | -20.8% | -7.8% |
| Volatility (ann.) | 11.9% | 13.0% |
| Beta vs S&P 500 | 0.23 | 0.32 |
| Max drawdown (3Y) | -18.3% | -12.9% |
| Market cap | $0.2B | $2.7B |
| P/E (trailing) | 9.3 | 13.8 |
| Dividend yield | 8.01% | 7.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NPV | NVG |
|---|---|---|
| 2022 | -31.5% | -28.5% |
| 2023 | +0.4% | +2.0% |
| 2024 | +24.6% | +10.8% |
| 2025 | -5.9% | +11.6% |
| 2026 | -0.3% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NPV and NVG good diversifiers for each other?
To a limited degree. At 0.72 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 NPV and NVG?
The NPV/NVG correlation stands at 0.72 on a 3-year window (1 year: 0.69, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is NVG a good diversifier for NPV?
To a limited degree. At 0.72 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 0.72 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/npv-vs-nvg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/npv-vs-nvg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NPV correlations · NVG correlations
