NEA vs PML: Correlation
Measured on weekly returns over the past three years, Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Pimco Municipal Income Fund II (PML) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and PML?
Over the past 3 years, NEA and PML moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.77 lands near the 3-year figure. Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 130.0 %².
Within NEA's tracked universe of 36 assets, PML comes in at #10 by 3-year correlation. Twelve-month performance is nearly a tie, at +10.4% for NEA and +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.
NEA vs PML: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | PML (Pimco Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +10.4% | +8.7% |
| 5-year return | -4.4% | -34.6% |
| Volatility (ann.) | 10.9% | 14.5% |
| Beta vs S&P 500 | 0.28 | 0.30 |
| Max drawdown (3Y) | -11.3% | -21.5% |
| Market cap | $3.4B | – |
| P/E (trailing) | 14.5 | 735.0 |
| Dividend yield | 7.70% | 6.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | PML |
|---|---|---|
| 2022 | -23.3% | -34.1% |
| 2023 | +0.8% | -3.0% |
| 2024 | +9.5% | +3.0% |
| 2025 | +11.3% | -0.8% |
| 2026 | +1.7% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and PML good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between NEA and PML?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.77 over the last year and 0.80 over 5 years.
Is PML a good diversifier for NEA?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 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/nea-vs-pml.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nea-vs-pml/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NEA correlations · PML correlations
