NUV vs NVG: Correlation
Measured on weekly returns over the past three years, Nuveen Municipal Value Fund, Inc. (NUV) and Nuveen AMT-Free Municipal Credit Income Fund (NVG) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUV and NVG?
Over the past 3 years, NUV and NVG moved with a correlation of 0.77, which is strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 84.0 %².
In NUV's tracked universe of 13 assets, NVG sits right near the top at #2. Neither side won the trailing year by much: +8.1% against +12.4%. One caveat on sizing: NVG is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NUV vs NVG: side by side
| NUV (Nuveen Municipal Value Fund, Inc.) | NVG (Nuveen AMT-Free Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +8.1% | +12.4% |
| 5-year return | -6.9% | -7.8% |
| Volatility (ann.) | 8.4% | 13.0% |
| Beta vs S&P 500 | 0.18 | 0.32 |
| Max drawdown (3Y) | -6.4% | -12.9% |
| Market cap | $1.9B | $2.7B |
| P/E (trailing) | 17.6 | 13.8 |
| Dividend yield | 4.36% | 7.75% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NUV | NVG |
|---|---|---|
| 2022 | -14.0% | -28.5% |
| 2023 | +4.0% | +2.0% |
| 2024 | +4.0% | +10.8% |
| 2025 | +10.3% | +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 NUV and NVG good diversifiers for each other?
To a limited degree. At 0.77 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 NUV and NVG?
As of 2026-08-27, the correlation of weekly returns between NUV and NVG is 0.77 over 3 years, 0.73 over 1 year and 0.71 over 5 years.
Is NVG a good diversifier for NUV?
To a limited degree. At 0.77 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 0.77 mean?
A reading of 0.77 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/nuv-vs-nvg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nuv-vs-nvg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NUV correlations · NVG correlations
