NUW vs PML: Correlation
Measured on weekly returns over the past three years, Nuveen AMT-Free Municipal Value Fund (NUW) and Pimco Municipal Income Fund II (PML) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUW and PML?
On 3 years of weekly data the NUW/PML correlation comes out at 0.70, strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. The 5-year figure is 0.65, and annualized covariance runs at 88.0 %².
Within NUW's tracked universe of 10 assets, PML comes in at #4 by 3-year correlation. Their 12-month results are close: +5.9% for NUW against +8.7% for PML. Risk is not evenly split, since PML carries 1.7 times the volatility of the other side.
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.
NUW vs PML: side by side
| NUW (Nuveen AMT-Free Municipal Value Fund) | PML (Pimco Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +5.9% | +8.7% |
| 5-year return | -1.6% | -34.6% |
| Volatility (ann.) | 8.7% | 14.5% |
| Beta vs S&P 500 | 0.15 | 0.30 |
| Max drawdown (3Y) | -7.7% | -21.5% |
| Market cap | $0.2B | – |
| P/E (trailing) | 16.0 | 735.0 |
| Dividend yield | 0.00% | 6.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NUW | PML |
|---|---|---|
| 2022 | -15.2% | -34.1% |
| 2023 | +3.8% | -3.0% |
| 2024 | +3.6% | +3.0% |
| 2025 | +9.9% | -0.8% |
| 2026 | -0.0% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUW and PML good diversifiers for each other?
To a limited degree. At 0.70 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 NUW and PML?
As of 2026-08-27, the correlation of weekly returns between NUW and PML is 0.70 over 3 years, 0.64 over 1 year and 0.65 over 5 years.
Is PML a good diversifier for NUW?
To a limited degree. At 0.70 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 0.70 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/nuw-vs-pml.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nuw-vs-pml/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NUW correlations · PML correlations
