DMB vs PNI: Correlation
Measured on weekly returns over the past three years, BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) and Pimco New York Municipal Income Fund II (PNI) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMB and PNI?
On 3 years of weekly data the DMB/PNI correlation comes out at 0.83, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. The 5-year figure is 0.61, and annualized covariance runs at 128.5 %².
Within DMB's tracked universe of 21 assets, PNI comes in at #8 by 3-year correlation. Twelve-month performance is nearly a tie, at +11.0% for DMB 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.
DMB vs PNI: side by side
| DMB (BNY Mellon Municipal Bond Infrastructure Fund, Inc.) | PNI (Pimco New York Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +11.0% | +9.3% |
| 5-year return | -15.7% | -26.1% |
| Volatility (ann.) | 12.4% | 12.4% |
| Beta vs S&P 500 | 0.26 | 0.28 |
| Max drawdown (3Y) | -14.7% | -16.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 34.1 | – |
| Dividend yield | 4.32% | 5.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DMB | PNI |
|---|---|---|
| 2022 | -23.5% | -26.5% |
| 2023 | +2.4% | +0.2% |
| 2024 | +3.9% | -1.0% |
| 2025 | +10.7% | +1.4% |
| 2026 | -0.5% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMB and PNI good diversifiers for each other?
No: a correlation of 0.83 means DMB and PNI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between DMB and PNI?
The DMB/PNI correlation stands at 0.83 on a 3-year window (1 year: 0.82, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is PNI a good diversifier for DMB?
No: a correlation of 0.83 means DMB and PNI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 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/dmb-vs-pni.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dmb-vs-pni/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DMB correlations · PNI correlations
