AFB vs PNI: Correlation
AllianceBernstein National Municipal Income Fund Inc (AFB) and Pimco New York Municipal Income Fund II (PNI) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and PNI?
Over the past 3 years, AFB and PNI moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 129.5 %².
Within AFB's tracked universe of 24 assets, PNI comes in at #7 by 3-year correlation. Twelve-month performance is nearly a tie, at +10.5% for AFB and +9.3% for PNI.
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.
AFB vs PNI: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | PNI (Pimco New York Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +10.5% | +9.3% |
| 5-year return | -9.9% | -26.1% |
| Volatility (ann.) | 12.6% | 12.4% |
| Beta vs S&P 500 | 0.26 | 0.28 |
| Max drawdown (3Y) | -15.1% | -16.4% |
| Market cap | – | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 4.97% | 5.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | PNI |
|---|---|---|
| 2022 | -25.9% | -26.5% |
| 2023 | +7.5% | +0.2% |
| 2024 | +4.1% | -1.0% |
| 2025 | +4.4% | +1.4% |
| 2026 | +4.6% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and PNI good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AFB and PNI?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.76 over the last year and 0.71 over 5 years.
Is PNI a good diversifier for AFB?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 mean?
A reading of 0.83 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/afb-vs-pni.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/afb-vs-pni/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AFB correlations · PNI correlations
