MHF vs PNI: Correlation
How closely do Western Asset Municipal High Income Fund, Inc. (MHF) and Pimco New York Municipal Income Fund II (PNI) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MHF and PNI?
Over the past 3 years, MHF and PNI moved with a correlation of 0.55, which is moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 83.3 %².
Among the 10 assets we track against MHF, PNI ranks #5 by 3-year correlation. Twelve-month performance is nearly a tie, at +5.6% for MHF 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.
MHF vs PNI: side by side
| MHF (Western Asset Municipal High Income Fund, Inc.) | PNI (Pimco New York Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +5.6% | +9.3% |
| 5-year return | +6.2% | -26.1% |
| Volatility (ann.) | 12.2% | 12.4% |
| Beta vs S&P 500 | 0.32 | 0.28 |
| Max drawdown (3Y) | -13.3% | -16.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 5.93% | 5.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MHF | PNI |
|---|---|---|
| 2022 | -17.6% | -26.5% |
| 2023 | +4.6% | +0.2% |
| 2024 | +12.0% | -1.0% |
| 2025 | +7.2% | +1.4% |
| 2026 | +3.3% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MHF and PNI good diversifiers for each other?
To a limited degree. At 0.55 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 MHF and PNI?
As of 2026-08-27, the correlation of weekly returns between MHF and PNI is 0.55 over 3 years, 0.55 over 1 year and 0.55 over 5 years.
Is PNI a good diversifier for MHF?
To a limited degree. At 0.55 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 0.55 mean?
A reading of 0.55 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/mhf-vs-pni.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mhf-vs-pni/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MHF correlations · PNI correlations
