PCSA vs RMMZ: Correlation
How closely do Processa Pharmaceuticals, Inc. (PCSA) and RiverNorth Managed Duration Municipal Income Fund II, Inc. (RMMZ) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PCSA and RMMZ?
On 3 years of weekly data the PCSA/RMMZ correlation comes out at 0.37, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.24 versus 0.37 over 3 years. The 5-year figure is 0.25, and annualized covariance runs at 759.5 %².
Among the 15 assets we track against PCSA, RMMZ ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RMMZ outperformed by 70.0 percentage points (-60.4% for PCSA against +9.6% for RMMZ). Note the risk asymmetry: PCSA runs 11.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PCSA vs RMMZ: side by side
| PCSA (Processa Pharmaceuticals, Inc.) | RMMZ (RiverNorth Managed Duration Municipal Income Fund II, Inc.) | |
|---|---|---|
| 1-year return | -60.4% | +9.6% |
| 5-year return | -99.9% | +12.2% |
| Volatility (ann.) | 153.6% | 13.3% |
| Beta vs S&P 500 | 1.04 | 0.29 |
| Max drawdown (3Y) | -99.6% | -15.3% |
| Market cap | – | $0.1B |
| P/E (trailing) | 3.3 | 185.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PCSA | RMMZ |
|---|---|---|
| 2022 | -77.6% | – |
| 2023 | -69.5% | +11.2% |
| 2024 | -86.8% | +2.7% |
| 2025 | -87.0% | +5.0% |
| 2026 | -26.7% | +7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PCSA and RMMZ good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PCSA and RMMZ?
The PCSA/RMMZ correlation stands at 0.37 on a 3-year window (1 year: 0.24, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is RMMZ a good diversifier for PCSA?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 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/pcsa-vs-rmmz.json
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[](https://www.pairbook.io/pair/pcsa-vs-rmmz/)
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Related comparisons
Hubs: PCSA correlations · RMMZ correlations
