AFB vs AGG: Correlation
AllianceBernstein National Municipal Income Fund Inc (AFB) and iShares Core US Aggregate Bond ETF (AGG) show a strong relationship: their 3-year correlation of weekly returns is 0.70.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and AGG?
On 3 years of weekly data the AFB/AGG correlation comes out at 0.70, strong. Lately the two have drifted apart, with the 1-year correlation at 0.55 versus 0.70 over 3 years. The 5-year figure is 0.60, and annualized covariance runs at 46.7 %².
Within AFB's tracked universe of 24 assets, AGG comes in at #12 by 3-year correlation. Over the last 12 months AFB came out ahead by 8.2 percentage points (+10.5% against +2.3%). Note the risk asymmetry: AFB runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AFB vs AGG: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | AGG (iShares Core US Aggregate Bond ETF) | |
|---|---|---|
| 1-year return | +10.5% | +2.3% |
| 5-year return | -9.9% | -1.1% |
| Volatility (ann.) | 12.6% | 5.3% |
| Beta vs S&P 500 | 0.26 | 0.07 |
| Max drawdown (3Y) | -15.1% | -4.8% |
| Market cap | – | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 4.97% | 4.05% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $137.1B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, AGG sits in the Intermediate Core Bond category at iShares, with $137.1B under management, a 0.03% expense ratio, a 4.05% trailing dividend yield.
Year-by-year returns
| Year | AFB | AGG |
|---|---|---|
| 2022 | -25.9% | -13.0% |
| 2023 | +7.5% | +5.7% |
| 2024 | +4.1% | +1.3% |
| 2025 | +4.4% | +7.2% |
| 2026 | +4.6% | +0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and AGG good diversifiers for each other?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AFB and AGG?
The AFB/AGG correlation stands at 0.70 on a 3-year window (1 year: 0.55, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is AGG a good diversifier for AFB?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.70 mean?
A reading of 0.70 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/afb-vs-agg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/afb-vs-agg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AFB correlations · AGG correlations
