NUV vs NZF: Correlation
How closely do Nuveen Municipal Value Fund, Inc. (NUV) and Nuveen Municipal Credit Income Fund (NZF) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUV and NZF?
Over the past 3 years, NUV and NZF moved with a correlation of 0.78, which is strong. The past 12 months show a weaker link (0.67) than the 3-year average (0.78). Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 76.5 %².
In NUV's tracked universe of 13 assets, NZF sits right near the top at #1. Neither side won the trailing year by much: +8.1% against +10.8%.
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 NZF: side by side
| NUV (Nuveen Municipal Value Fund, Inc.) | NZF (Nuveen Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +8.1% | +10.8% |
| 5-year return | -6.9% | -4.1% |
| Volatility (ann.) | 8.4% | 11.6% |
| Beta vs S&P 500 | 0.18 | 0.30 |
| Max drawdown (3Y) | -6.4% | -12.4% |
| Market cap | $1.9B | $2.4B |
| P/E (trailing) | 17.6 | 13.5 |
| Dividend yield | 4.36% | 7.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NUV | NZF |
|---|---|---|
| 2022 | -14.0% | -25.5% |
| 2023 | +4.0% | +2.5% |
| 2024 | +4.0% | +10.1% |
| 2025 | +10.3% | +11.8% |
| 2026 | +1.8% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUV and NZF good diversifiers for each other?
Only partially. A correlation of 0.78 means NUV and NZF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NUV and NZF?
The NUV/NZF correlation stands at 0.78 on a 3-year window (1 year: 0.67, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is NZF a good diversifier for NUV?
Only partially. A correlation of 0.78 means NUV and NZF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 mean?
On the −1 to +1 scale, 0.78 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/nuv-vs-nzf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nuv-vs-nzf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NUV correlations · NZF correlations
