PML vs RMMZ: Correlation
Measured on weekly returns over the past three years, Pimco Municipal Income Fund II (PML) and RiverNorth Managed Duration Municipal Income Fund II, Inc. (RMMZ) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PML and RMMZ?
Over the past 3 years, PML and RMMZ moved with a correlation of 0.66, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.50 versus 0.66 over 3 years. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 128.4 %².
Among the 18 assets we track against PML, RMMZ ranks #9 by 3-year correlation. Neither side won the trailing year by much: +8.7% against +9.6%.
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.
PML vs RMMZ: side by side
| PML (Pimco Municipal Income Fund II) | RMMZ (RiverNorth Managed Duration Municipal Income Fund II, Inc.) | |
|---|---|---|
| 1-year return | +8.7% | +9.6% |
| 5-year return | -34.6% | +12.2% |
| Volatility (ann.) | 14.5% | 13.3% |
| Beta vs S&P 500 | 0.30 | 0.29 |
| Max drawdown (3Y) | -21.5% | -15.3% |
| Market cap | – | $0.1B |
| P/E (trailing) | 735.0 | 185.9 |
| Dividend yield | 6.48% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PML | RMMZ |
|---|---|---|
| 2022 | -34.1% | – |
| 2023 | -3.0% | +11.2% |
| 2024 | +3.0% | +2.7% |
| 2025 | -0.8% | +5.0% |
| 2026 | +1.7% | +7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PML and RMMZ good diversifiers for each other?
Only partially. A correlation of 0.66 means PML and RMMZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between PML and RMMZ?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.50 over the last year and 0.51 over 5 years.
Is RMMZ a good diversifier for PML?
Only partially. A correlation of 0.66 means PML and RMMZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 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/pml-vs-rmmz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pml-vs-rmmz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PML correlations · RMMZ correlations
