PML vs. NMS

Last updated Jun 4, 2026

PML (PIMCO Municipal Income Fund II) and NMS (Nuveen Minnesota Quality Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, PML returned -0.31%/yr vs 1.97%/yr for NMS. At a 0.24 correlation, their price movements are largely independent. PML charges 1.08%/yr vs 0.03%/yr for NMS.

Performance

PML vs. NMS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Municipal Income Fund II (PML) and Nuveen Minnesota Quality Municipal Income Fund (NMS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PML achieves a 1.52% return, which is significantly lower than NMS's 7.31% return. Over the past 10 years, PML has underperformed NMS with an annualized return of -0.31%, while NMS has yielded a comparatively higher 1.97% annualized return.

PML

• 1D: -0.67%
• 1M: 1.75%
• YTD: 1.52%
• 6M: 0.19%
• 1Y: 7.30%
• 3Y*: -0.50%
• 5Y*: -7.70%
• 10Y*: -0.31%

NMS

• 1D: 0.12%
• 1M: 0.92%
• YTD: 7.31%
• 6M: 5.39%
• 1Y: 15.23%
• 3Y*: 9.90%
• 5Y*: -0.31%
• 10Y*: 1.97%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PML vs. NMS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PML PIMCO Municipal Income Fund II	1.52%	-0.89%	2.93%	-3.06%	-34.06%	7.16%	-5.17%	25.60%	7.25%	14.48%
NMS Nuveen Minnesota Quality Municipal Income Fund	7.31%	2.10%	19.59%	1.57%	-21.89%	5.47%	5.80%	25.72%	-13.31%	-1.58%

Correlation

The correlation between PML and NMS is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014	0.24

The correlation between PML and NMS shifts across timeframes, from 0.24 (all time) to 0.39 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PML vs. NMS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PML

PML Risk / Return Rank: 9
PML Sharpe Ratio Rank: 9
PML Sortino Ratio Rank: 8
PML Omega Ratio Rank: 9
PML Calmar Ratio Rank: 11
PML Martin Ratio Rank: 9

NMS

NMS Risk / Return Rank: 62
NMS Sharpe Ratio Rank: 42
NMS Sortino Ratio Rank: 46
NMS Omega Ratio Rank: 46
NMS Calmar Ratio Rank: 94
NMS Martin Ratio Rank: 82

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PML vs. NMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Income Fund II (PML) and Nuveen Minnesota Quality Municipal Income Fund (NMS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	PML	NMS	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.91	-1.21
Sortino ratio: Return per unit of downside risk	1.04	2.85	-1.80
Omega ratio: Gain probability vs. loss probability	1.14	1.37	-0.23
Calmar ratio: Return relative to maximum drawdown	1.05	5.38	-4.34
Martin ratio: Return relative to average drawdown	2.65	15.35	-12.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PML vs. NMS - Sharpe Ratio Comparison

The current PML Sharpe Ratio is 0.70, which is lower than the NMS Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of PML and NMS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PML	NMS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	1.91	-1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.55	-0.02	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.14	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.23	-0.04

Drawdowns

PML vs. NMS - Drawdown Comparison

The maximum PML drawdown since its inception was -64.34%, which is greater than NMS's maximum drawdown of -38.76%. Use the drawdown chart below to compare losses from any high point for PML and NMS.

Drawdown Indicators

	PML	NMS	Difference
Max Drawdown Largest peak-to-trough decline	-64.34%	-38.76%	-25.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-2.84%	-4.16%
Max Drawdown (3Y) Largest decline over 3 years	-23.76%	-17.28%	-6.48%
Max Drawdown (5Y) Largest decline over 5 years	-47.94%	-38.76%	-9.18%
Max Drawdown (10Y) Largest decline over 10 years	-47.94%	-38.76%	-9.18%
Current Drawdown Current decline from peak	-35.34%	-3.69%	-31.65%
Average Drawdown Average peak-to-trough decline	-11.90%	-10.71%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	0.99%	+1.77%

Volatility

PML vs. NMS - Volatility Comparison

PIMCO Municipal Income Fund II (PML) has a higher volatility of 3.63% compared to Nuveen Minnesota Quality Municipal Income Fund (NMS) at 2.65%. This indicates that PML's price experiences larger fluctuations and is considered to be riskier than NMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PML	NMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	2.65%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	8.17%	5.25%	+2.92%
Volatility (1Y) Calculated over the trailing 1-year period	10.50%	8.02%	+2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.19%	13.43%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.48%	14.58%	+0.90%

PML vs. NMS - Expense Ratio Comparison

PML has a 1.08% expense ratio, which is higher than NMS's 0.03% expense ratio.

Dividends

PML vs. NMS - Dividend Comparison

PML's dividend yield for the trailing twelve months is around 6.35%, less than NMS's 6.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMS Nuveen Minnesota Quality Municipal Income Fund	6.69%	7.29%	6.05%	4.03%	5.24%	4.19%	3.93%	4.05%	5.52%	5.20%	4.68%	5.60%
PML PIMCO Municipal Income Fund II	6.35%	6.29%	5.86%	5.71%	7.83%	4.85%	4.95%	4.91%	5.86%	5.92%	6.38%	6.24%

Frequently Asked Questions

Can I hold both PML and NMS in my portfolio?

PML and NMS have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PML or NMS?

PML has higher volatility (3.63%) compared to NMS (2.65%). In terms of maximum drawdown, PML dropped -64.34% vs NMS's -38.76%.

Which has better risk-adjusted returns?

NMS currently has the higher Sharpe Ratio (1.91 vs 0.70), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.