NPCT vs PIM: Correlation
How closely do Nuveen Core Plus Impact Fund (NPCT) and Franklin Master Intermediate Income Trust Shares of (PIM) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NPCT and PIM?
On 3 years of weekly data the NPCT/PIM correlation comes out at 0.65, strong. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. The 5-year figure is 0.60, and annualized covariance runs at 69.9 %².
By 3-year correlation, PIM places #8 of the 17 assets tracked against NPCT. Their 12-month results are close: -0.3% for NPCT against +3.2% for PIM.
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.
NPCT vs PIM: side by side
| NPCT (Nuveen Core Plus Impact Fund) | PIM (Franklin Master Intermediate Income Trust Shares of) | |
|---|---|---|
| 1-year return | -0.3% | +3.2% |
| 5-year return | -14.4% | +16.1% |
| Volatility (ann.) | 11.7% | 9.2% |
| Beta vs S&P 500 | 0.38 | 0.26 |
| Max drawdown (3Y) | -10.8% | -6.4% |
| Market cap | $0.3B | $0.2B |
| P/E (trailing) | 10.7 | 14.4 |
| Dividend yield | 0.00% | 8.35% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NPCT | PIM |
|---|---|---|
| 2022 | -37.5% | -12.5% |
| 2023 | +7.8% | +8.4% |
| 2024 | +17.3% | +10.9% |
| 2025 | +9.9% | +10.9% |
| 2026 | +2.3% | +0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NPCT and PIM good diversifiers for each other?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NPCT and PIM?
The NPCT/PIM correlation stands at 0.65 on a 3-year window (1 year: 0.61, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is PIM a good diversifier for NPCT?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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.
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Related comparisons
Hubs: NPCT correlations · PIM correlations
