PML vs SPY: Correlation
Measured on weekly returns over the past three years, Pimco Municipal Income Fund II (PML) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PML and SPY?
On 3 years of weekly data the PML/SPY correlation comes out at 0.29, weak. The past 12 months show a tighter link (0.45) than the 3-year average (0.29). The 5-year figure is 0.40, and annualized covariance runs at 61.7 %².
Among the 18 assets we track against PML, SPY sits near the bottom by co-movement, at rank #14. The trailing year gives SPY the advantage: +8.7% versus +20.6%, a 11.9-point spread.
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 SPY: side by side
| PML (Pimco Municipal Income Fund II) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.7% | +20.6% |
| 5-year return | -34.6% | +82.4% |
| Volatility (ann.) | 14.5% | 14.5% |
| Beta vs S&P 500 | 0.30 | 1.00 |
| Max drawdown (3Y) | -21.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 735.0 | – |
| Dividend yield | 6.48% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | PML | SPY |
|---|---|---|
| 2022 | -34.1% | -18.2% |
| 2023 | -3.0% | +26.2% |
| 2024 | +3.0% | +24.9% |
| 2025 | -0.8% | +17.7% |
| 2026 | +1.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PML and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PML and SPY?
As of 2026-08-27, the correlation of weekly returns between PML and SPY is 0.29 over 3 years, 0.45 over 1 year and 0.40 over 5 years.
Is SPY a good diversifier for PML?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: PML correlations · SPY correlations
