NVG vs TLT: Correlation
Measured on weekly returns over the past three years, Nuveen AMT-Free Municipal Credit Income Fund (NVG) and iShares 20+ Year Treasury Bond ETF (TLT) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVG and TLT?
Over the past 3 years, NVG and TLT moved with a correlation of 0.68, which is strong. The link has loosened recently: the 1-year correlation (0.54) runs below the 3-year figure (0.68). Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 118.2 %².
By 3-year correlation, TLT places #19 of the 28 assets tracked against NVG. On 12-month performance NVG holds a 12.1-point edge, +12.4% against +0.3%.
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 TLT: side by side
| NVG (Nuveen AMT-Free Municipal Credit Income Fund) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +12.4% | +0.3% |
| 5-year return | -7.8% | -34.0% |
| Volatility (ann.) | 13.0% | 13.5% |
| Beta vs S&P 500 | 0.32 | 0.11 |
| Max drawdown (3Y) | -12.9% | -14.8% |
| Market cap | $2.7B | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 7.75% | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | NVG | TLT |
|---|---|---|
| 2022 | -28.5% | -31.2% |
| 2023 | +2.0% | +2.8% |
| 2024 | +10.8% | -8.1% |
| 2025 | +11.6% | +4.2% |
| 2026 | +1.9% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVG and TLT good diversifiers for each other?
To a limited degree. At 0.68 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 NVG and TLT?
As of 2026-08-27, the correlation of weekly returns between NVG and TLT is 0.68 over 3 years, 0.54 over 1 year and 0.57 over 5 years.
Is TLT a good diversifier for NVG?
To a limited degree. At 0.68 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 0.68 mean?
A reading of 0.68 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-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nvg-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NVG correlations · TLT correlations
