NEA vs PNI: Correlation
How closely do Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Pimco New York Municipal Income Fund II (PNI) trade together? Their weekly returns over three years give a correlation of 0.83, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEA and PNI?
Across a 3-year window, the weekly returns of NEA and PNI correlate at 0.83, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. Stretching to 5 years gives 0.70, with an annualized covariance of 111.6 %².
Among the 36 assets we track against NEA, PNI ranks #11 by 3-year correlation. Their 12-month results are close: +10.4% for NEA against +9.3% for PNI.
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 PNI: side by side
| NEA (Nuveen AMT-Free Quality Municipal Income Fund) | PNI (Pimco New York Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +10.4% | +9.3% |
| 5-year return | -4.4% | -26.1% |
| Volatility (ann.) | 10.9% | 12.4% |
| Beta vs S&P 500 | 0.28 | 0.28 |
| Max drawdown (3Y) | -11.3% | -16.4% |
| Market cap | $3.4B | – |
| P/E (trailing) | 14.5 | – |
| Dividend yield | 7.70% | 5.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEA | PNI |
|---|---|---|
| 2022 | -23.3% | -26.5% |
| 2023 | +0.8% | +0.2% |
| 2024 | +9.5% | -1.0% |
| 2025 | +11.3% | +1.4% |
| 2026 | +1.7% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEA and PNI good diversifiers for each other?
No. With a correlation of 0.83, NEA and PNI move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between NEA and PNI?
As of 2026-08-27, the correlation of weekly returns between NEA and PNI is 0.83 over 3 years, 0.84 over 1 year and 0.70 over 5 years.
Is PNI a good diversifier for NEA?
No. With a correlation of 0.83, NEA and PNI move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.83 mean?
On the −1 to +1 scale, 0.83 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
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Related comparisons
Hubs: NEA correlations · PNI correlations
