NEA vs PMM: Correlation
Measured on weekly returns over the past three years, Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Franklin Managed Municipal Income Trust Shares of (PMM) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and PMM?
On 3 years of weekly data the NEA/PMM correlation comes out at 0.75, strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. The 5-year figure is 0.65, and annualized covariance runs at 102.3 %².
By 3-year correlation, PMM places #19 of the 36 assets tracked against NEA. Their 12-month results are close: +10.4% for NEA against +13.8% for PMM.
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 PMM: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | PMM (Franklin Managed Municipal Income Trust Shares of) | |
|---|---|---|
| 1-year return | +10.4% | +13.8% |
| 5-year return | -4.4% | -5.6% |
| Volatility (ann.) | 10.9% | 12.6% |
| Beta vs S&P 500 | 0.28 | 0.35 |
| Max drawdown (3Y) | -11.3% | -12.7% |
| Market cap | $3.4B | $0.3B |
| P/E (trailing) | 14.5 | 11.4 |
| Dividend yield | 7.70% | 4.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | PMM |
|---|---|---|
| 2022 | -23.3% | -24.1% |
| 2023 | +0.8% | +1.9% |
| 2024 | +9.5% | +2.9% |
| 2025 | +11.3% | +10.6% |
| 2026 | +1.7% | +3.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and PMM good diversifiers for each other?
To a limited degree. At 0.75 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 NEA and PMM?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.69 over the last year and 0.65 over 5 years.
Is PMM a good diversifier for NEA?
To a limited degree. At 0.75 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 0.75 mean?
On the −1 to +1 scale, 0.75 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/nea-vs-pmm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nea-vs-pmm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NEA correlations · PMM correlations
