NUW vs SBI: Correlation
How closely do Nuveen AMT-Free Municipal Value Fund (NUW) and Western Asset Intermediate Muni Fund Inc (SBI) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUW and SBI?
On 3 years of weekly data the NUW/SBI correlation comes out at 0.70, strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.70 over 3. The 5-year figure is 0.63, and annualized covariance runs at 48.4 %².
By 3-year correlation, SBI places #5 of the 10 assets tracked against NUW. Their 12-month results are close: +5.9% for NUW against +6.3% for SBI.
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.
NUW vs SBI: side by side
| NUW (Nuveen AMT-Free Municipal Value Fund) | SBI (Western Asset Intermediate Muni Fund Inc) | |
|---|---|---|
| 1-year return | +5.9% | +6.3% |
| 5-year return | -1.6% | +0.9% |
| Volatility (ann.) | 8.7% | 7.9% |
| Beta vs S&P 500 | 0.15 | 0.19 |
| Max drawdown (3Y) | -7.7% | -7.9% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | 16.0 | 12.5 |
| Dividend yield | 0.00% | 3.31% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NUW | SBI |
|---|---|---|
| 2022 | -15.2% | -18.4% |
| 2023 | +3.8% | +5.4% |
| 2024 | +3.6% | +6.8% |
| 2025 | +9.9% | +5.9% |
| 2026 | -0.0% | +3.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUW and SBI good diversifiers for each other?
To a limited degree. At 0.70 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 NUW and SBI?
The NUW/SBI correlation stands at 0.70 on a 3-year window (1 year: 0.72, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is SBI a good diversifier for NUW?
To a limited degree. At 0.70 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 0.70 mean?
A reading of 0.70 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NUW correlations · SBI correlations
