PNI vs VTN: Correlation
Pimco New York Municipal Income Fund II (PNI) and Invesco Trust for Investment Grade New York Municipals (VTN) show a strong relationship: their 3-year correlation of weekly returns is 0.78.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNI and VTN?
Across a 3-year window, the weekly returns of PNI and VTN correlate at 0.78, strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. Stretching to 5 years gives 0.69, with an annualized covariance of 137.4 %².
Among the 18 assets we track against PNI, VTN ranks #6 by 3-year correlation. Over the last 12 months VTN came out ahead by 5.4 percentage points (+9.3% against +14.7%).
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 VTN: side by side
| PNI (Pimco New York Municipal Income Fund II) | VTN (Invesco Trust for Investment Grade New York Municipals) | |
|---|---|---|
| 1-year return | +9.3% | +14.7% |
| 5-year return | -26.1% | +4.2% |
| Volatility (ann.) | 12.4% | 14.2% |
| Beta vs S&P 500 | 0.28 | 0.32 |
| Max drawdown (3Y) | -16.4% | -14.5% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 35.8 |
| Dividend yield | 5.18% | 7.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PNI | VTN |
|---|---|---|
| 2022 | -26.5% | -21.1% |
| 2023 | +0.2% | +7.3% |
| 2024 | -1.0% | +6.8% |
| 2025 | +1.4% | +18.9% |
| 2026 | +2.4% | -1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PNI and VTN good diversifiers for each other?
Only partially. A correlation of 0.78 means PNI and VTN 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 VTN?
Using weekly returns as of 2026-08-27: 0.78 over 3 years, with 0.75 over the last year and 0.69 over 5 years.
Is VTN a good diversifier for PNI?
Only partially. A correlation of 0.78 means PNI and VTN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 mean?
A reading of 0.78 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: PNI correlations · VTN correlations
