AFB vs DSM: Correlation
How closely do AllianceBernstein National Municipal Income Fund Inc (AFB) and BNY Mellon Strategic Municipal Bond Fund, Inc. (DSM) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFB and DSM?
On 3 years of weekly data the AFB/DSM correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. The 5-year figure is 0.80, and annualized covariance runs at 137.1 %².
Few assets follow AFB as closely as DSM, which ranks #1 of 24 tracked partners. Twelve-month performance is nearly a tie, at +10.5% for AFB and +8.6% for DSM.
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 DSM: side by side
| AFB (AllianceBernstein National Municipal Income Fund Inc) | DSM (BNY Mellon Strategic Municipal Bond Fund, Inc.) | |
|---|---|---|
| 1-year return | +10.5% | +8.6% |
| 5-year return | -9.9% | -13.5% |
| Volatility (ann.) | 12.6% | 12.4% |
| Beta vs S&P 500 | 0.26 | 0.29 |
| Max drawdown (3Y) | -15.1% | -13.4% |
| Market cap | – | $0.3B |
| P/E (trailing) | 13.6 | 9.2 |
| Dividend yield | 4.97% | 4.94% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFB | DSM |
|---|---|---|
| 2022 | -25.9% | -27.0% |
| 2023 | +7.5% | +3.2% |
| 2024 | +4.1% | +5.5% |
| 2025 | +4.4% | +10.9% |
| 2026 | +4.6% | -2.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFB and DSM good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AFB and DSM?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.78 over the last year and 0.80 over 5 years.
Is DSM a good diversifier for AFB?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 mean?
A reading of 0.88 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-dsm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/afb-vs-dsm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AFB correlations · DSM correlations
