JMM vs PGZ: Correlation
How closely do Nuveen Multi-Market Income Fund (MA) (JMM) and Principal Real Estate Income Fund (PGZ) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JMM and PGZ?
Over the past 3 years, JMM and PGZ moved with a correlation of 0.58, which is moderate. Recent behaviour matches the longer record: 0.59 over 1 year against 0.58 over 3. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 74.8 %².
Few assets follow JMM as closely as PGZ, which ranks #3 of 10 tracked partners. The trailing year gives PGZ the advantage: -2.9% versus +7.6%, a 10.5-point spread.
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.
JMM vs PGZ: side by side
| JMM (Nuveen Multi-Market Income Fund (MA)) | PGZ (Principal Real Estate Income Fund) | |
|---|---|---|
| 1-year return | -2.9% | +7.6% |
| 5-year return | +3.3% | +14.2% |
| Volatility (ann.) | 9.8% | 13.2% |
| Beta vs S&P 500 | 0.20 | 0.42 |
| Max drawdown (3Y) | -9.9% | -10.6% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | 11.6 | 10.2 |
| Dividend yield | 5.99% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JMM | PGZ |
|---|---|---|
| 2022 | -18.0% | -28.0% |
| 2023 | +6.7% | +4.0% |
| 2024 | +8.2% | +18.0% |
| 2025 | +5.6% | +14.5% |
| 2026 | -0.1% | +7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JMM and PGZ good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between JMM and PGZ?
The JMM/PGZ correlation stands at 0.58 on a 3-year window (1 year: 0.59, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is PGZ a good diversifier for JMM?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/jmm-vs-pgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jmm-vs-pgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: JMM correlations · PGZ correlations
