BND vs PNI: Correlation
Vanguard Total Bond Market ETF (BND) and Pimco New York Municipal Income Fund II (PNI) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BND and PNI?
Over the past 3 years, BND and PNI moved with a correlation of 0.69, which is strong. Little has changed lately, as the 1-year reading of 0.65 lands near the 3-year figure. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 45.0 %².
Among the 33 assets we track against BND, PNI ranks #15 by 3-year correlation. On 12-month performance PNI holds a 7.0-point edge, +2.3% against +9.3%. Note the risk asymmetry: PNI runs 2.4 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.
BND vs PNI: side by side
| BND (Vanguard Total Bond Market ETF) | PNI (Pimco New York Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +2.3% | +9.3% |
| 5-year return | -1.3% | -26.1% |
| Volatility (ann.) | 5.2% | 12.4% |
| Beta vs S&P 500 | 0.06 | 0.28 |
| Max drawdown (3Y) | -4.7% | -16.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 5.18% |
| Sector / category | ETF · Bonds | US Listed |
Year-by-year returns
| Year | BND | PNI |
|---|---|---|
| 2022 | -13.1% | -26.5% |
| 2023 | +5.7% | +0.2% |
| 2024 | +1.4% | -1.0% |
| 2025 | +7.1% | +1.4% |
| 2026 | +0.2% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BND and PNI good diversifiers for each other?
Only partially. A correlation of 0.69 means BND and PNI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BND and PNI?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.65 over the last year and 0.49 over 5 years.
Is PNI a good diversifier for BND?
Only partially. A correlation of 0.69 means BND and PNI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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/bnd-vs-pni.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bnd-vs-pni/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BND correlations · PNI correlations
