NNY vs PNI: Correlation
Measured on weekly returns over the past three years, Nuveen New York Municipal Value Fund (NNY) and Pimco New York Municipal Income Fund II (PNI) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNY and PNI?
Over the past 3 years, NNY and PNI moved with a correlation of 0.63, which is strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.63 over 3. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 68.7 %².
In NNY's tracked universe of 10 assets, PNI sits right near the top at #3. Their 12-month results are close: +6.0% for NNY 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.
NNY vs PNI: side by side
| NNY (Nuveen New York Municipal Value Fund) | PNI (Pimco New York Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +6.0% | +9.3% |
| 5-year return | -2.8% | -26.1% |
| Volatility (ann.) | 8.8% | 12.4% |
| Beta vs S&P 500 | 0.19 | 0.28 |
| Max drawdown (3Y) | -8.2% | -16.4% |
| Market cap | – | – |
| P/E (trailing) | 25.5 | – |
| Dividend yield | 4.34% | 5.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NNY | PNI |
|---|---|---|
| 2022 | -13.4% | -26.5% |
| 2023 | +4.3% | +0.2% |
| 2024 | +1.2% | -1.0% |
| 2025 | +11.2% | +1.4% |
| 2026 | -1.8% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNY and PNI good diversifiers for each other?
Only partially. A correlation of 0.63 means NNY and PNI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NNY and PNI?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.71 over the last year and 0.44 over 5 years.
Is PNI a good diversifier for NNY?
Only partially. A correlation of 0.63 means NNY and PNI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
A reading of 0.63 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nny-vs-pni.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nny-vs-pni/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NNY correlations · PNI correlations
