NAZ vs PNI: Correlation
How closely do Nuveen Arizona Quality Municipal Income Fund (NAZ) and Pimco New York Municipal Income Fund II (PNI) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAZ and PNI?
On 3 years of weekly data the NAZ/PNI correlation comes out at 0.61, strong. Lately the two have drifted apart, with the 1-year correlation at 0.18 versus 0.61 over 3 years. The 5-year figure is 0.53, and annualized covariance runs at 89.0 %².
By 3-year correlation, PNI places #5 of the 12 assets tracked against NAZ. Neither side won the trailing year by much: +10.9% 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.
NAZ vs PNI: side by side
| NAZ (Nuveen Arizona Quality Municipal Income Fund) | PNI (Pimco New York Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +10.9% | +9.3% |
| 5-year return | +0.2% | -26.1% |
| Volatility (ann.) | 11.7% | 12.4% |
| Beta vs S&P 500 | 0.25 | 0.28 |
| Max drawdown (3Y) | -13.8% | -16.4% |
| Market cap | – | – |
| P/E (trailing) | 22.0 | – |
| Dividend yield | 6.73% | 5.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAZ | PNI |
|---|---|---|
| 2022 | -27.2% | -26.5% |
| 2023 | -0.5% | +0.2% |
| 2024 | +13.0% | -1.0% |
| 2025 | +12.1% | +1.4% |
| 2026 | +8.1% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAZ and PNI good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NAZ and PNI?
As of 2026-08-27, the correlation of weekly returns between NAZ and PNI is 0.61 over 3 years, 0.18 over 1 year and 0.53 over 5 years.
Is PNI a good diversifier for NAZ?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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/naz-vs-pni.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/naz-vs-pni/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NAZ correlations · PNI correlations
