NVG vs VKI: Correlation
How closely do Nuveen AMT-Free Municipal Credit Income Fund (NVG) and Invesco Advantage Municipal Income Trust II (VKI) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVG and VKI?
Over the past 3 years, NVG and VKI moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.79 lands near the 3-year figure. Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 147.5 %².
Among the 28 assets we track against NVG, VKI ranks #8 by 3-year correlation. Neither side won the trailing year by much: +12.4% against +15.7%.
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 VKI: side by side
| NVG (Nuveen AMT-Free Municipal Credit Income Fund) | VKI (Invesco Advantage Municipal Income Trust II) | |
|---|---|---|
| 1-year return | +12.4% | +15.7% |
| 5-year return | -7.8% | -5.1% |
| Volatility (ann.) | 13.0% | 13.9% |
| Beta vs S&P 500 | 0.32 | 0.32 |
| Max drawdown (3Y) | -12.9% | -12.4% |
| Market cap | $2.7B | $0.4B |
| P/E (trailing) | 13.8 | 35.6 |
| Dividend yield | 7.75% | 7.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVG | VKI |
|---|---|---|
| 2022 | -28.5% | -25.5% |
| 2023 | +2.0% | +3.1% |
| 2024 | +10.8% | +10.2% |
| 2025 | +11.6% | +12.8% |
| 2026 | +1.9% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVG and VKI good diversifiers for each other?
No: a correlation of 0.82 means NVG and VKI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between NVG and VKI?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.79 over the last year and 0.80 over 5 years.
Is VKI a good diversifier for NVG?
No: a correlation of 0.82 means NVG and VKI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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-vki.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nvg-vs-vki/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NVG correlations · VKI correlations
