DTF vs PML: Correlation
Measured on weekly returns over the past three years, DTF Tax-Free Income 2028 Term Fund Inc. (DTF) and Pimco Municipal Income Fund II (PML) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DTF and PML?
On 3 years of weekly data the DTF/PML correlation comes out at 0.63, strong. Lately the two have drifted apart, with the 1-year correlation at 0.47 versus 0.63 over 3 years. The 5-year figure is 0.66, and annualized covariance runs at 45.7 %².
In DTF's tracked universe of 10 assets, PML sits right near the top at #2. Twelve-month performance is nearly a tie, at +5.6% for DTF and +8.7% for PML. One caveat on sizing: PML is 2.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DTF vs PML: side by side
| DTF (DTF Tax-Free Income 2028 Term Fund Inc.) | PML (Pimco Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +5.6% | +8.7% |
| 5-year return | -7.5% | -34.6% |
| Volatility (ann.) | 5.0% | 14.5% |
| Beta vs S&P 500 | 0.10 | 0.30 |
| Max drawdown (3Y) | -5.4% | -21.5% |
| Market cap | $0.1B | – |
| P/E (trailing) | 28.1 | 735.0 |
| Dividend yield | 3.37% | 6.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DTF | PML |
|---|---|---|
| 2022 | -21.1% | -34.1% |
| 2023 | +2.2% | -3.0% |
| 2024 | +8.2% | +3.0% |
| 2025 | +5.4% | -0.8% |
| 2026 | +3.1% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DTF and PML good diversifiers for each other?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DTF and PML?
The DTF/PML correlation stands at 0.63 on a 3-year window (1 year: 0.47, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is PML a good diversifier for DTF?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.63 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/dtf-vs-pml.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dtf-vs-pml/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DTF correlations · PML correlations
