What Moves Like PML

Pimco Municipal Income Fund II Common Shares of Beneficial Interest NYSE

The tradable tickers whose daily moves track PML most closely over the past year, filtered to risk comparable with PML's own.

Closest match

XMPT VanEck CEF Muni Income ETF — 0.781 correlation over the past year, and 20% calmer than PML.

About PML

Annualised volatility 12.3%
Beta vs SPY 0.32
Market correlation 0.355
Traded per day $3.2M
Rate sensitivity -0.46
Volatility sensitivity -0.28
251 sessions to 2026-11-09 · PML volatility 12.3% annualised · $3.2M a day
Ticker 1-year correlation 3-year Volatility vs PML Risk What it is
XMPT VanEck CEF Muni Income ETF
0.781
0.743 0.81× 20% calmer Fund
NVG Nuveen AMT-Free Municipal Credit Income Fund
0.741
0.670 1.14× 14% choppier —
NAD Nuveen Quality Municipal Income Fund
0.738
0.681 1.18× 18% choppier —
VKQ Invesco Municipal Trust
0.735
0.665 0.95× similar —
NZF Nuveen Municipal Credit Income Fund
0.733
0.680 1.06× similar —
MMU Western Asset Managed Municipals Fund, Inc.
0.720
0.630 1.01× similar —
LEO BNY Mellon Strategic Municipals, Inc.
0.715
0.628 1.01× similar —
MQY Blackrock MuniYield Quality Fund, Inc.
0.714
0.680 0.92× similar —
NEA Nuveen AMT-Free Quality Municipal Income Fund Common Shares of…
0.713
0.664 1.11× 11% choppier —
IQI Invesco Quality Municipal Income Trust
0.709
0.655 1.15× 15% choppier —
MYI Blackrock MuniYield Quality Fund III, Inc
0.692
0.659 0.90× similar —
VMO Invesco Municipal Opportunity Trust
0.690
0.650 0.97× similar —
MHD Blackrock MuniHoldings Fund, Inc.
0.680
0.641 0.93× similar —
IIM Invesco Value Municipal Income Trust
0.674
0.633 1.18× 18% choppier —
NBH Neuberger Municipal Fund Inc.
0.671
0.636 0.97× similar —
EIM Eaton Vance Municipal Bond Fund Common Shares of Beneficial Interest…
0.659
0.584 0.84× 16% calmer —
NDMO Nuveen Dynamic Municipal Opportunities Fund Common Shares of Beneficial…
0.655
0.589 1.00× similar —
NMZ Nuveen Municipal High Income Opportunity Fund Common Stock, $0.01 par…
0.650
0.645 1.07× similar —
VGM Invesco Trust for Investment Grade Municipals Common Stock (DE)
0.649
0.618 1.19× 19% choppier —
NRK Nuveen New York AMT-Free Quality Municipal Income Fund
0.642
0.599 0.95× similar —
PCQ PIMCO California Municipal Income Fund
0.632
0.605 0.88× 13% calmer —
NAC Nuveen California Quality Municipal Income Fund
0.628
0.603 0.96× similar —
MUC Blackrock MuniHoldings California Quality Fund, Inc.
0.625
0.606 0.80× 21% calmer —
NUV Nuveen Municipal Value Fund, Inc.
0.615
0.561 0.77× 23% calmer —
NXP Nuveen Select Tax Free Income Portfolio
0.603
0.483 0.78× 22% calmer —

Showing 25 of 30 tickers that qualified. Correlation is of daily returns; 1.000 would mean moving in lockstep, 0.000 no relationship at all.

What this is for

Three questions, one number behind all of them.

How to read the two correlation columns

The one-year figure is what the relationship looks like now. The three-year figure is what it has looked like over a longer stretch. Comparing them is the point: when they agree, the relationship is structural and likely to hold. When the one-year number is far below the three-year one, something has changed — a shift in business mix, an index reconstitution, a sector that has stopped moving together — and the recent figure is the one to trust less, not more.

Correlation measures whether two things move together, not whether they move by the same amount. That is why the volatility column is there. Two tickers can correlate at 0.99 while one swings half again as hard, and swapping one for the other would quietly change how much risk you are carrying.

What was deliberately left out

Ranking purely by correlation produces answers that are mathematically perfect and practically useless. The closest matches to AAPL by raw correlation are leveraged AAPL funds at 0.999 — correct, and not replacements for anything. Four filters run before a ticker is allowed to appear:

Where all of that leaves a ticker with no close match, the page says so. A stock with no substitute is a real and useful finding, and inventing a loose one to fill the table would be worse than an empty answer.

Limits, stated up front

Where the numbers come from

Correlations are computed in-house from a daily price history and rebuilt every night. What gets published is the derived statistic — a correlation coefficient, a volatility ratio, an observation count — and nothing from which a price or return series could be reconstructed. The rest of the Markets section is on the Markets overview, including futures positioning extremes and SEC Form 4 insider transactions.