PCQ vs PNI: Correlation
How closely do PIMCO California Municipal Income Fund (PCQ) and Pimco New York Municipal Income Fund II (PNI) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PCQ and PNI?
Across a 3-year window, the weekly returns of PCQ and PNI correlate at 0.82, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.83 lands near the 3-year figure. Stretching to 5 years gives 0.56, with an annualized covariance of 126.8 %².
PNI is one of the assets that tracks PCQ most closely: it ranks #1 out of the 10 assets we track against PCQ. Twelve-month performance is nearly a tie, at +11.3% for PCQ and +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.
PCQ vs PNI: side by side
| PCQ (PIMCO California Municipal Income Fund) | PNI (Pimco New York Municipal Income Fund II) | |
|---|---|---|
| 1-year return | +11.3% | +9.3% |
| 5-year return | -40.9% | -26.1% |
| Volatility (ann.) | 12.5% | 12.4% |
| Beta vs S&P 500 | 0.25 | 0.28 |
| Max drawdown (3Y) | -17.4% | -16.4% |
| Market cap | – | – |
| P/E (trailing) | 291.0 | – |
| Dividend yield | 4.94% | 5.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PCQ | PNI |
|---|---|---|
| 2022 | -14.7% | -26.5% |
| 2023 | -35.4% | +0.2% |
| 2024 | +1.5% | -1.0% |
| 2025 | +1.5% | +1.4% |
| 2026 | +3.3% | +2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PCQ and PNI good diversifiers for each other?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between PCQ and PNI?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.83 over the last year and 0.56 over 5 years.
Is PNI a good diversifier for PCQ?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.82 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/pcq-vs-pni.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pcq-vs-pni/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PCQ correlations · PNI correlations
