NMI vs PML: Correlation
Measured on weekly returns over the past three years, Nuveen Municipal Income Fund, Inc. (NMI) and Pimco Municipal Income Fund II (PML) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMI and PML?
Over the past 3 years, NMI and PML moved with a correlation of 0.45, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.34 versus 0.45 over 3 years. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 82.8 %².
PML is one of the assets that tracks NMI most closely: it ranks #3 out of the 12 assets we track against NMI. Neither side won the trailing year by much: +11.4% against +8.7%.
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 PML: side by side
| NMI (Nuveen Municipal Income Fund, Inc.) | PML (Pimco Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +11.4% | +8.7% |
| 5-year return | +8.0% | -34.6% |
| Volatility (ann.) | 12.7% | 14.5% |
| Beta vs S&P 500 | 0.20 | 0.30 |
| Max drawdown (3Y) | -11.0% | -21.5% |
| Market cap | – | – |
| P/E (trailing) | 18.2 | 735.0 |
| Dividend yield | 4.38% | 6.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMI | PML |
|---|---|---|
| 2022 | -15.0% | -34.1% |
| 2023 | +1.9% | -3.0% |
| 2024 | +7.0% | +3.0% |
| 2025 | +10.5% | -0.8% |
| 2026 | +7.8% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMI and PML good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NMI and PML?
As of 2026-08-27, the correlation of weekly returns between NMI and PML is 0.45 over 3 years, 0.34 over 1 year and 0.46 over 5 years.
Is PML a good diversifier for NMI?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 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.
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Related comparisons
Hubs: NMI correlations · PML correlations
