PNI vs QQQ: Correlation
How closely do Pimco New York Municipal Income Fund II (PNI) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNI and QQQ?
Across a 3-year window, the weekly returns of PNI and QQQ correlate at 0.27, weak. The link has tightened recently: the 1-year correlation (0.57) runs above the 3-year figure (0.27). Stretching to 5 years gives 0.33, with an annualized covariance of 65.3 %².
QQQ is close to the least connected end of PNI's tracked universe, ranking #15 of 18. Correlation aside, the last 12 months split them widely, with QQQ ahead by 17.0 points (+9.3% versus +26.3%). One caveat on sizing: QQQ is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
PNI vs QQQ: side by side
| PNI (Pimco New York Municipal Income Fund II) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +9.3% | +26.3% |
| 5-year return | -26.1% | +95.4% |
| Volatility (ann.) | 12.4% | 19.6% |
| Beta vs S&P 500 | 0.28 | 1.28 |
| Max drawdown (3Y) | -16.4% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.18% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | PNI | QQQ |
|---|---|---|
| 2022 | -26.5% | -32.6% |
| 2023 | +0.2% | +54.9% |
| 2024 | -1.0% | +25.6% |
| 2025 | +1.4% | +20.8% |
| 2026 | +2.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PNI and QQQ good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PNI and QQQ?
As of 2026-08-27, the correlation of weekly returns between PNI and QQQ is 0.27 over 3 years, 0.57 over 1 year and 0.33 over 5 years.
Is QQQ a good diversifier for PNI?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 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/pni-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pni-vs-qqq/)
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Related comparisons
Hubs: PNI correlations · QQQ correlations
