NMS vs PNI: Correlation
How closely do Nuveen Minnesota Quality Municipal Income Fund (NMS) and Pimco New York Municipal Income Fund II (PNI) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMS and PNI?
On 3 years of weekly data the NMS/PNI correlation comes out at 0.62, strong. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. The 5-year figure is 0.45, and annualized covariance runs at 90.7 %².
Within NMS's tracked universe of 11 assets, PNI comes in at #4 by 3-year correlation. Over the last 12 months PNI came out ahead by 5.2 percentage points (+4.1% against +9.3%).
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.
NMS vs PNI: side by side
| NMS (Nuveen Minnesota Quality Municipal Income Fund) | PNI (Pimco New York Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +4.1% | +9.3% |
| 5-year return | -9.9% | -26.1% |
| Volatility (ann.) | 11.7% | 12.4% |
| Beta vs S&P 500 | 0.23 | 0.28 |
| Max drawdown (3Y) | -12.8% | -16.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 0.00% | 5.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMS | PNI |
|---|---|---|
| 2022 | -21.9% | -26.5% |
| 2023 | +1.6% | +0.2% |
| 2024 | +19.6% | -1.0% |
| 2025 | +2.2% | +1.4% |
| 2026 | -2.2% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMS and PNI good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NMS and PNI?
The NMS/PNI correlation stands at 0.62 on a 3-year window (1 year: 0.57, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is PNI a good diversifier for NMS?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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/nms-vs-pni.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nms-vs-pni/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NMS correlations · PNI correlations
