NAD vs PNI: Correlation
Measured on weekly returns over the past three years, Nuveen Quality Municipal Income Fund (NAD) and Pimco New York Municipal Income Fund II (PNI) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAD and PNI?
Over the past 3 years, NAD and PNI moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.79 lands near the 3-year figure. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 115.0 %².
Within NAD's tracked universe of 26 assets, PNI comes in at #6 by 3-year correlation. Neither side won the trailing year by much: +12.1% against +9.3%.
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 PNI: side by side
| NAD (Nuveen Quality Municipal Income Fund) | PNI (Pimco New York Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +12.1% | +9.3% |
| 5-year return | -2.4% | -26.1% |
| Volatility (ann.) | 11.0% | 12.4% |
| Beta vs S&P 500 | 0.27 | 0.28 |
| Max drawdown (3Y) | -11.7% | -16.4% |
| Market cap | $2.7B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 7.38% | 5.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAD | PNI |
|---|---|---|
| 2022 | -22.8% | -26.5% |
| 2023 | +1.3% | +0.2% |
| 2024 | +8.8% | -1.0% |
| 2025 | +11.4% | +1.4% |
| 2026 | +2.5% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAD and PNI good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between NAD and PNI?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.79 over the last year and 0.72 over 5 years.
Is PNI a good diversifier for NAD?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 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/nad-vs-pni.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nad-vs-pni/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NAD correlations · PNI correlations
