AGG vs PNI: Correlation
How closely do iShares Core US Aggregate Bond ETF (AGG) and Pimco New York Municipal Income Fund II (PNI) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGG and PNI?
Across a 3-year window, the weekly returns of AGG and PNI correlate at 0.70, strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. Stretching to 5 years gives 0.50, with an annualized covariance of 46.3 %².
Among the 34 assets we track against AGG, PNI ranks #15 by 3-year correlation. Over the last 12 months PNI came out ahead by 7.0 percentage points (+2.3% against +9.3%). Note the risk asymmetry: PNI runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AGG vs PNI: side by side
| AGG (iShares Core US Aggregate Bond ETF) | PNI (Pimco New York Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +2.3% | +9.3% |
| 5-year return | -1.1% | -26.1% |
| Volatility (ann.) | 5.3% | 12.4% |
| Beta vs S&P 500 | 0.07 | 0.28 |
| Max drawdown (3Y) | -4.8% | -16.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.05% | 5.18% |
| Expense ratio | 0.03% | – |
| Assets under management | $137.1B | – |
| Sector / category | ETF · Bonds | US Listed |
AGG is an Intermediate Core Bond fund from iShares: $137.1B under management, a 0.03% expense ratio, a 4.05% trailing dividend yield.
Year-by-year returns
| Year | AGG | PNI |
|---|---|---|
| 2022 | -13.0% | -26.5% |
| 2023 | +5.7% | +0.2% |
| 2024 | +1.3% | -1.0% |
| 2025 | +7.2% | +1.4% |
| 2026 | +0.3% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGG and PNI good diversifiers for each other?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AGG and PNI?
The AGG/PNI correlation stands at 0.70 on a 3-year window (1 year: 0.66, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is PNI a good diversifier for AGG?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.70 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/agg-vs-pni.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/agg-vs-pni/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AGG correlations · PNI correlations
