NVG vs NZF: Correlation
How closely do Nuveen AMT-Free Municipal Credit Income Fund (NVG) and Nuveen Municipal Credit Income Fund (NZF) trade together? Their weekly returns over three years give a correlation of 0.92, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVG and NZF?
Over the past 3 years, NVG and NZF moved with a correlation of 0.92, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.89) sits close to the 3-year figure. Over 5 years the correlation is 0.91, and the annualized covariance of weekly returns is 139.3 %².
NZF is one of the assets that tracks NVG most closely: it ranks #2 out of the 28 assets we track against NVG. Neither side won the trailing year by much: +12.4% 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.
NVG vs NZF: side by side
| NVG (Nuveen AMT-Free Municipal Credit Income Fund) | NZF (Nuveen Municipal Credit Income Fund) | |
|---|---|---|
| 1-year return | +12.4% | +10.8% |
| 5-year return | -7.8% | -4.1% |
| Volatility (ann.) | 13.0% | 11.6% |
| Beta vs S&P 500 | 0.32 | 0.30 |
| Max drawdown (3Y) | -12.9% | -12.4% |
| Market cap | $2.7B | $2.4B |
| P/E (trailing) | 13.8 | 13.5 |
| Dividend yield | 7.75% | 7.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVG | NZF |
|---|---|---|
| 2022 | -28.5% | -25.5% |
| 2023 | +2.0% | +2.5% |
| 2024 | +10.8% | +10.1% |
| 2025 | +11.6% | +11.8% |
| 2026 | +1.9% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVG and NZF good diversifiers for each other?
No. With a correlation of 0.92, NVG and NZF move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between NVG and NZF?
As of 2026-08-27, the correlation of weekly returns between NVG and NZF is 0.92 over 3 years, 0.89 over 1 year and 0.91 over 5 years.
Is NZF a good diversifier for NVG?
No. With a correlation of 0.92, NVG and NZF move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.92 mean?
A reading of 0.92 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/nvg-vs-nzf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nvg-vs-nzf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NVG correlations · NZF correlations
