NUV vs PML: Correlation
Measured on weekly returns over the past three years, Nuveen Municipal Value Fund, Inc. (NUV) and Pimco Municipal Income Fund II (PML) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUV and PML?
Across a 3-year window, the weekly returns of NUV and PML correlate at 0.74, strong. The link has loosened recently: the 1-year correlation (0.60) runs below the 3-year figure (0.74). Stretching to 5 years gives 0.71, with an annualized covariance of 90.7 %².
Among the 13 assets we track against NUV, PML ranks #5 by 3-year correlation. Twelve-month performance is nearly a tie, at +8.1% for NUV and +8.7% for PML. One caveat on sizing: PML is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NUV vs PML: side by side
| NUV (Nuveen Municipal Value Fund, Inc.) | PML (Pimco Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +8.1% | +8.7% |
| 5-year return | -6.9% | -34.6% |
| Volatility (ann.) | 8.4% | 14.5% |
| Beta vs S&P 500 | 0.18 | 0.30 |
| Max drawdown (3Y) | -6.4% | -21.5% |
| Market cap | $1.9B | – |
| P/E (trailing) | 17.6 | 735.0 |
| Dividend yield | 4.36% | 6.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NUV | PML |
|---|---|---|
| 2022 | -14.0% | -34.1% |
| 2023 | +4.0% | -3.0% |
| 2024 | +4.0% | +3.0% |
| 2025 | +10.3% | -0.8% |
| 2026 | +1.8% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUV and PML good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NUV and PML?
As of 2026-08-27, the correlation of weekly returns between NUV and PML is 0.74 over 3 years, 0.60 over 1 year and 0.71 over 5 years.
Is PML a good diversifier for NUV?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 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/nuv-vs-pml.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nuv-vs-pml/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NUV correlations · PML correlations
