NAD vs PML: Correlation
Nuveen Quality Municipal Income Fund (NAD) and Pimco Municipal Income Fund II (PML) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAD and PML?
Over the past 3 years, NAD and PML moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 131.6 %².
Among the 26 assets we track against NAD, PML ranks #10 by 3-year correlation. Their 12-month results are close: +12.1% for NAD against +8.7% for PML.
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.
NAD vs PML: side by side
| NAD (Nuveen Quality Municipal Income Fund) | PML (Pimco Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +12.1% | +8.7% |
| 5-year return | -2.4% | -34.6% |
| Volatility (ann.) | 11.0% | 14.5% |
| Beta vs S&P 500 | 0.27 | 0.30 |
| Max drawdown (3Y) | -11.7% | -21.5% |
| Market cap | $2.7B | – |
| P/E (trailing) | 14.9 | 735.0 |
| Dividend yield | 7.38% | 6.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAD | PML |
|---|---|---|
| 2022 | -22.8% | -34.1% |
| 2023 | +1.3% | -3.0% |
| 2024 | +8.8% | +3.0% |
| 2025 | +11.4% | -0.8% |
| 2026 | +2.5% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAD and PML good diversifiers for each other?
No: a correlation of 0.82 means NAD and PML tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between NAD and PML?
As of 2026-08-27, the correlation of weekly returns between NAD and PML is 0.82 over 3 years, 0.78 over 1 year and 0.79 over 5 years.
Is PML a good diversifier for NAD?
No: a correlation of 0.82 means NAD and PML tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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/nad-vs-pml.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nad-vs-pml/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAD correlations · PML correlations
