ETX vs PMM: Correlation
Eaton Vance Municipal Income 2028 Term Trust (ETX) and Franklin Managed Municipal Income Trust Shares of (PMM) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETX and PMM?
On 3 years of weekly data the ETX/PMM correlation comes out at 0.42, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.13 versus 0.42 over 3 years. The 5-year figure is 0.35, and annualized covariance runs at 42.2 %².
By 3-year correlation, PMM places #5 of the 11 assets tracked against ETX. On 12-month performance PMM holds a 11.2-point edge, +2.6% against +13.8%. Risk is not evenly split, since PMM carries 1.6 times the volatility of the other side.
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.
ETX vs PMM: side by side
| ETX (Eaton Vance Municipal Income 2028 Term Trust) | PMM (Franklin Managed Municipal Income Trust Shares of) | |
|---|---|---|
| 1-year return | +2.6% | +13.8% |
| 5-year return | -2.2% | -5.6% |
| Volatility (ann.) | 7.9% | 12.6% |
| Beta vs S&P 500 | 0.13 | 0.35 |
| Max drawdown (3Y) | -6.1% | -12.7% |
| Market cap | $0.2B | $0.3B |
| P/E (trailing) | 23.2 | 11.4 |
| Dividend yield | 0.00% | 4.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ETX | PMM |
|---|---|---|
| 2022 | -13.5% | -24.1% |
| 2023 | +1.3% | +1.9% |
| 2024 | +6.9% | +2.9% |
| 2025 | +11.7% | +10.6% |
| 2026 | +0.2% | +3.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETX and PMM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ETX and PMM?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.13 over the last year and 0.35 over 5 years.
Is PMM a good diversifier for ETX?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/etx-vs-pmm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/etx-vs-pmm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETX correlations · PMM correlations
