NMI vs PAPL: Correlation
Nuveen Municipal Income Fund, Inc. (NMI) and Pineapple Financial Inc. (PAPL) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMI and PAPL?
On 3 years of weekly data the NMI/PAPL correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -664.6 %².
PAPL is close to the least connected end of NMI's tracked universe, ranking #11 of 12. Correlation aside, the last 12 months split them widely, with NMI ahead by 82.1 points (+11.4% versus -70.7%). Note the risk asymmetry: PAPL runs 14.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NMI vs PAPL: side by side
| NMI (Nuveen Municipal Income Fund, Inc.) | PAPL (Pineapple Financial Inc.) | |
|---|---|---|
| 1-year return | +11.4% | -70.7% |
| 5-year return | +8.0% | n/a |
| Volatility (ann.) | 12.7% | 181.2% |
| Beta vs S&P 500 | 0.20 | -0.73 |
| Max drawdown (3Y) | -11.0% | -99.4% |
| Market cap | – | – |
| P/E (trailing) | 18.2 | – |
| Dividend yield | 4.38% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMI | PAPL |
|---|---|---|
| 2022 | -15.0% | – |
| 2023 | +1.9% | – |
| 2024 | +7.0% | -74.7% |
| 2025 | +10.5% | -84.4% |
| 2026 | +7.8% | -25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMI and PAPL good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between NMI and PAPL?
As of 2026-08-27, the correlation of weekly returns between NMI and PAPL is -0.30 over 3 years, -0.28 over 1 year and n/a over 5 years.
Is PAPL a good diversifier for NMI?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 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/nmi-vs-papl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nmi-vs-papl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NMI correlations · PAPL correlations
