NVG vs USO: Correlation
How closely do Nuveen AMT-Free Municipal Credit Income Fund (NVG) and United States Oil Fund (USO) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVG and USO?
Over the past 3 years, NVG and USO moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.40) runs below the 3-year figure (-0.25). Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -125.3 %².
Among the 28 assets we track against NVG, USO sits near the bottom by co-movement, at rank #26. Correlation aside, the last 12 months split them widely, with USO ahead by 61.7 points (+12.4% versus +74.1%). Risk is not evenly split, since USO carries 3.0 times the volatility of the other side.
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 USO: side by side
| NVG (Nuveen AMT-Free Municipal Credit Income Fund) | USO (United States Oil Fund) | |
|---|---|---|
| 1-year return | +12.4% | +74.1% |
| 5-year return | -7.8% | +168.6% |
| Volatility (ann.) | 13.0% | 39.4% |
| Beta vs S&P 500 | 0.32 | -0.20 |
| Max drawdown (3Y) | -12.9% | -32.5% |
| Market cap | $2.7B | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 7.75% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | NVG | USO |
|---|---|---|
| 2022 | -28.5% | +29.0% |
| 2023 | +2.0% | -4.9% |
| 2024 | +10.8% | +13.4% |
| 2025 | +11.6% | -8.5% |
| 2026 | +1.9% | +88.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVG and USO good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between NVG and USO?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.40 over the last year and -0.08 over 5 years.
Is USO a good diversifier for NVG?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/nvg-vs-uso.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nvg-vs-uso/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NVG correlations · USO correlations
