NIM vs PML: Correlation
Measured on weekly returns over the past three years, Nuveen Select Maturities Municipal Fund (NIM) and Pimco Municipal Income Fund II (PML) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NIM and PML?
Over the past 3 years, NIM and PML moved with a correlation of 0.60, which is strong. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 73.0 %².
Within NIM's tracked universe of 13 assets, PML comes in at #4 by 3-year correlation. Neither side won the trailing year by much: +5.5% against +8.7%. Risk is not evenly split, since PML carries 1.7 times the volatility of the other side.
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.
NIM vs PML: side by side
| NIM (Nuveen Select Maturities Municipal Fund) | PML (Pimco Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +5.5% | +8.7% |
| 5-year return | +1.3% | -34.6% |
| Volatility (ann.) | 8.4% | 14.5% |
| Beta vs S&P 500 | 0.16 | 0.30 |
| Max drawdown (3Y) | -6.8% | -21.5% |
| Market cap | $0.1B | – |
| P/E (trailing) | 24.4 | 735.0 |
| Dividend yield | 3.66% | 6.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NIM | PML |
|---|---|---|
| 2022 | -12.9% | -34.1% |
| 2023 | +0.8% | -3.0% |
| 2024 | +2.8% | +3.0% |
| 2025 | +10.9% | -0.8% |
| 2026 | +2.0% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NIM and PML good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NIM and PML?
The NIM/PML correlation stands at 0.60 on a 3-year window (1 year: 0.58, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is PML a good diversifier for NIM?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 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/nim-vs-pml.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nim-vs-pml/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NIM correlations · PML correlations
