There is not a direct correlation between accuracy and readability. One translation may be accurate but not very readable. Another translation may be very readable but not very accurate. Of course it is most desired for a translation to be both accurate and highly readable. For conservative Christians, the NLT probably fills that slot at this time. For a wider audience, the CEV is highly recommended for this slot.
Readability is often ranked for the average population of fluent English speakers of approximately ninth grade reading level. Readability is related to Reading level since it is assumed that older and more educated readers can better understand material written in more complicated forms (which, in themselves, can lower readability).
In the opinion of the editor of this glossary, major recent English Bible versions rank as follows in terms of readability. Within each group below versions appear in descending order of readability:
Most readable:
LB
CEV
NCV
TEV
Highly readable:
NLT
GW
TM
JBP
Stylistically, The Message (TM) is my current favorite version. But its idioms are not always easily accessible to the average target population; a few of its idioms do not seem to be used by very many speakers at all. On the whole, however, it is a delightful version to read. On a scale for impact (which is partly a function of style), I would rank TM the highest. I regard the CEV, NCV, TEV, and GW as stylistically flat, although the CEV is definitely stylistically improved over its predecessor, the TEV. The NLT has some nice style, much of that retained from its predecessor, the LB.
Moderately high level of readability:
NIV
Average readability:
ISV
REB
NJB
NEB
It is not easy to rank the ISV and NIV with reference to each other. The ISV is often more readable than the NIV but in many other places it is far less readable. There are many runon sentences. Adequate discourse cohesion is often missing. Although it does not use too many difficult (to read) theological words, or the elevated vocabulary of the NEB, or the sophisticated idioms of TM, the vocabulary of the ISV is uneven, with quite a number of words not in the typical vocabulary of the average target population.
Below average level of readability:
NRSV
NET
NAB
Moderately low level of readability:
NKJV
NASB
Also see Understandable.
Click here to visit a webpage with helpful information about readability of Bible translations.
Various English Bible versions rank differently in terms of reading level because of differences among them with respect to factors such as vocabulary familiarity, sentence length, and difficulty of syntactic constructions. In the "Bible Comparison Guide," distributed by the Zondervan Corporation (publishers of the NIV), the grade reading levels are listed as following for these English versions. (The numbers refer to grade reading level. Hence, 4.8 would indicate a reading level expected to be achieved by a typical student nearing the end of the 4th grade. For the Bible abbreviations used below, see English versions.)
NIV 7.8
NIrV 2.90
KJV 12.00
NKJV 9.0
NLT 6.30
LB 8.33
NASB 11.32
NCV/ICB 3.90
NRSV 10.40
NAB 6.60
TEV 7.29
TM 4.8
CEV 5.4
GW 5.8
[Jan. 27, 2001: We have been informed that the HCSB is ranked at a 6 reading level in its gospel of John.]
The following diagram similarly compares reading levels and includes the translation philosophy used for each Bible version:

This chart is used with permission from Tyndale House Publishers.
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See also the following article on application of RT to Bible translation:
ISV John 6.67 So Jesus said to the twelve, "You don't want to leave, too, do you?"
ISV John 18.26 ... "I saw you in the garden with him, didn't I?"
And here are some rhetorical questions, for which no answer is expected, and the situational context lets us know what answer is assumed by the speaker:
NRSV Mark 2.19 Jesus said to them, "The wedding guests cannot fast while the bridegroom is with them, can they?" (The assumed answer is no.)
NRSV Mark 11.17 He was teaching and saying, "Is it not written, 'My house shall be called a house of prayer for all the nations'? But you have made it a den of robbers." (The assumed answer is yes.)
Note that the ISV nicely restructures the rhetorical question to begin in the form of a statement, "It is written," followed by the question tag, "is it not". This makes the rhetorical function of the question even clearer in English than does the straight question form in the NRSV:
ISV Mark 11.17 Then he began to teach them, saying, "It is written, is it not, 'My house should be called a house of prayer for all nations'? But you have turned it into a hideout for revolutionaires?"
See: