AFB vs DMB: Correlation
AllianceBernstein National Municipal Income Fund Inc (AFB) and BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) show a very strong relationship: their 3-year correlation of weekly returns is 0.85.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and DMB?
Over the past 3 years, AFB and DMB moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 133.1 %².
Among the 24 assets we track against AFB, DMB ranks #4 by 3-year correlation. Neither side won the trailing year by much: +10.5% against +11.0%.
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 DMB: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | DMB (BNY Mellon Municipal Bond Infrastructure Fund, Inc.) | |
|---|---|---|
| 1-year return | +10.5% | +11.0% |
| 5-year return | -9.9% | -15.7% |
| Volatility (ann.) | 12.6% | 12.4% |
| Beta vs S&P 500 | 0.26 | 0.26 |
| Max drawdown (3Y) | -15.1% | -14.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | 13.6 | 34.1 |
| Dividend yield | 4.97% | 4.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | DMB |
|---|---|---|
| 2022 | -25.9% | -23.5% |
| 2023 | +7.5% | +2.4% |
| 2024 | +4.1% | +3.9% |
| 2025 | +4.4% | +10.7% |
| 2026 | +4.6% | -0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and DMB good diversifiers for each other?
No: a correlation of 0.85 means AFB and DMB tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AFB and DMB?
The AFB/DMB correlation stands at 0.85 on a 3-year window (1 year: 0.81, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is DMB a good diversifier for AFB?
No: a correlation of 0.85 means AFB and DMB tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: AFB correlations · DMB correlations
