PNI vs TLT: Correlation
Measured on weekly returns over the past three years, Pimco New York Municipal Income Fund II (PNI) and iShares 20+ Year Treasury Bond ETF (TLT) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNI and TLT?
Over the past 3 years, PNI and TLT moved with a correlation of 0.69, which is strong. The past 12 months show a weaker link (0.58) than the 3-year average (0.69). Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 115.5 %².
Among the 18 assets we track against PNI, TLT ranks #9 by 3-year correlation. Over the last 12 months PNI came out ahead by 9.0 percentage points (+9.3% against +0.3%).
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 TLT: side by side
| PNI (Pimco New York Municipal Income Fund II) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +9.3% | +0.3% |
| 5-year return | -26.1% | -34.0% |
| Volatility (ann.) | 12.4% | 13.5% |
| Beta vs S&P 500 | 0.28 | 0.11 |
| Max drawdown (3Y) | -16.4% | -14.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.18% | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | PNI | TLT |
|---|---|---|
| 2022 | -26.5% | -31.2% |
| 2023 | +0.2% | +2.8% |
| 2024 | -1.0% | -8.1% |
| 2025 | +1.4% | +4.2% |
| 2026 | +2.4% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PNI and TLT good diversifiers for each other?
Only partially. A correlation of 0.69 means PNI and TLT 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 PNI and TLT?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.58 over the last year and 0.44 over 5 years.
Is TLT a good diversifier for PNI?
Only partially. A correlation of 0.69 means PNI and TLT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
A reading of 0.69 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pni-vs-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pni-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PNI correlations · TLT correlations
